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GBP/USD fails to hold above 1.6100

FXStreet (Córdoba) - GBP/USD failed to sustain gains above 1.6100 and pulled back during the European session following the release of mixed UK data.

GBP/USD reached a 2-day high of 1.6116 at the beginning of the session but came under pressure and slid all the way back to the 1.6040 area before finding support. At time of writing, GBP/USD is trading at 1.6050, 0.19% below its opening price.

UK industrial production report showed slightly negative results printing 0.0% MoM, 2.5% YoY respectively vs 0.0% and 2.6% expected. However, manufacturing data came above expectations at 3.9% rise vs 3.4% forecasted. Later on the day, NIESR will report the estimated UK GDP for the three months to September, while data docket out of the US is thin.

GBP/USD technical outlook

“A downward acceleration below 1.6050 should see the pair approaching 1.6000, whilst below 1.5960 price zone comes next”, said Valeria Bednarik, chief analyst at FXStreet. “The GBP/USD needs on the other hand to regain 1.6100 and consolidate above to support an upward extension up to 1.6140/60 price zone”.

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