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GBP/USD update – Trend line resistance is a tough nut to crack

FX:GBPUSD   British Pound/U.S. Dollar
UK manufacturing production for April             jumped 2.3%, contradicting the drop in the activity as highlighted by manufacturing PMI released on May 3rd.

In the wake of a strong data and amid absence of fresh Birexit polls, GBP/USD             found bids around 1.4550 and jumped to a high of 1.4600, before retreating slightly to trade around 1.4580 at the time of writing.

US session outlook

Resistance – 1.4590-1.46, 1.4660, 1.47

Support – 1.4530, 1.4468, 1. 44            

  • The larger falling trend line resistance is a tough nut to crack as discussed in the morning outlook.
  • The resistance stands at 1.4590-1.46 and Cable’s failure to take out the same in Europe despite strong data and absence of Brexit polls could lead to a fall back to 1.4550-1.4530 levels.
  • A break below 1.4530 would shift risk in favor a drop below 1.45 levels.
  • On the higher side, 1.4660 stands as a strong resistance and only a day end closing above the same would add credence to breach of falling trend line resistance.
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