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12 Dec 2014
GBP/USD erases intraday losses
FXStreet (Córdoba) - GBP/USD shrugged off disappointing UK construction data and managed to erase intraday losses to trade nearly flat into the North American opening.
GBP/USD bottomed out at 1.5693 following much worse than expected UK construction output data (-2.2% vs +0.8%) but it climbed back toward 1.5720 to trade effectively unchanged on the day.
Datawise, the US data includes producer prices data and the Reuters/Michigan Consumer sentiment index but non first-tier data, so investors will probably refrain from taking big positions ahead of the weekend.
GBP/USD technical levels
As for technical levels, immediate resistances are seen at 1.5735 (daily high) and 1.5755 (Dec 11 high) while supports could be found at 1.5693 (daily low) and 1.5677 (10-day SMA).
GBP/USD bottomed out at 1.5693 following much worse than expected UK construction output data (-2.2% vs +0.8%) but it climbed back toward 1.5720 to trade effectively unchanged on the day.
Datawise, the US data includes producer prices data and the Reuters/Michigan Consumer sentiment index but non first-tier data, so investors will probably refrain from taking big positions ahead of the weekend.
GBP/USD technical levels
As for technical levels, immediate resistances are seen at 1.5735 (daily high) and 1.5755 (Dec 11 high) while supports could be found at 1.5693 (daily low) and 1.5677 (10-day SMA).