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16 Mar 2015
GBP/USD climbs back above 1.4800
FXStreet (Córdoba) - GBP/USD has continued to inch higher over the last hours, having climbed back above the 1.48 level to hit fresh daily highs at the beginning of the American session.
GBP/USD is staging a mild bounce from a nearly 5-year low scored on Friday at 1.4699, dragged down by broad greenback strength. Cable managed to recover from lows and climbed to a daily high of 1.4817 in recent dealings, although momentum was restrained.
On the data front, US industrial production rose by 0.1% in February, missing only slightly expectations of a 0.2% increase. However, the weak note came from a strong negative revision to January growth, to -0.3% from +0.2%. Nevertheless, the dollar barely reacted and dropped a few pips versus major rivals.
At time of writing, GBP/USD is trading at 1.4810, recording a 0.48% gain on the day, with immediate resistances lining up at 1.4892 (Mar 13 high) and 1.4916 (100-hour SMA).
GBP/USD is staging a mild bounce from a nearly 5-year low scored on Friday at 1.4699, dragged down by broad greenback strength. Cable managed to recover from lows and climbed to a daily high of 1.4817 in recent dealings, although momentum was restrained.
On the data front, US industrial production rose by 0.1% in February, missing only slightly expectations of a 0.2% increase. However, the weak note came from a strong negative revision to January growth, to -0.3% from +0.2%. Nevertheless, the dollar barely reacted and dropped a few pips versus major rivals.
At time of writing, GBP/USD is trading at 1.4810, recording a 0.48% gain on the day, with immediate resistances lining up at 1.4892 (Mar 13 high) and 1.4916 (100-hour SMA).