FXStreet (Mumbai) – The GBP/USD pair working hard to avoid falling into losses as Sterling bulls wait on the sidelines ahead of the BOE inflation report and policy minutes due tomorrow.

Sterling ignores positive data

Sterling has been remarkably ignorant to the positive domestic data released this week. The manufacturing PMI rose to 16-month high, employment indices in PMI reports rose to multi-month highs, while construction activity remained in an expansionary mode.

Still, the GBP/USD had a hard time, courtesy of broad based USD strength. The immediate focus is now on the US ADP and ISM non-manufacturing report.

GBP/USD Technical Levels

At 1.5420, the immediate resistance is seen at the daily high of 1.5445, above which the pair faces multiple resistance levels at 1.5463 (50% of 1.5819-1.5107), 1.5475 (100-DMA) and 1.55 levels. A break above 1.55 would expose 1.5568 (38.2% of Jul 14-Mar 15 plunge). On the lower side, 1.5414 (23.6% of 1.5107-1.5509) could offer support, breach of which could send the pair lower to 1.5355 (38.2% of 1.5107-1.5509).

The GBP/USD pair working hard to avoid falling into losses as Sterling bulls wait on the sidelines ahead of the BOE inflation report and policy minutes due tomorrow.

(Market News Provided by FXstreet)

By FXOpen