FXStreet (Mumbai) – The sterling bulls gained an upper hand in Asia, but lacked strength to push the GBP/USDpair above 1.5165 levels.
Flurry of weak data ahead of BOE
The Bank of England rate decision along with minutes is due on Thursday. Heading into the event, we have had a weak manufacturing and service sector PMI reports. Given the weak inflow of new work in July and August and the sequential drop in the exports, the manufacturing and industrial production figures due tomorrow may provide little reason for a rally in Sterling.
As for today, the economic calendar in the UK offers no first tier data releases. Ahead in the US session, monthly trade balance figures are expected to show the trade deficit increased in September.
GBP/USD Technical Levels
At 1.5162, the immediate resistance is seen at 1.5185 (23.6% of Jul 14-Apr 15 plunge), followed by a major hurdle at 1.5244 (Monday’s high). On the other side, support is seen at 1.5137 (Monday’s low) and 1.51 levels.
(Market News Provided by FXstreet)