GBP/USD continues to struggle at ascending trend-channel resistance

By FXStreet The GBP/USD pair’s recovery from day’s through level of 1.4394 gained momentum but failed to lift the pair beyond a short-term ascending trend-channel resistance, near day’s peak level of 1.4467.

Earlier during European session the pair ran through fresh offers on softer-than-expected UK manufacturing & industrial production data. Total industrial production in the month of March printed a growth of 0.3% as against +0.5% expected but better than a decline of 0.2% recorded in the previous month. Meanwhile the manufacturing production rebounded to show a growth of 0.1% vs an expected growth of 0.4%, but still better-than a 0.9% decline in February.

With Super Thursday on the docket for Thursday and given the recent bout of volatility seen in USD, traders seems unlikely to further push the pair and are likely to remain on the sidelines ahead of the big event risk.

From technical perspective, the pair is once again reversing from a short-term descending trend-channel resistance and a follow through selling pressure might now force traders to unwind their bullish bets, thus dragging the pair back towards 1.4400 handle.

Technical levels to watch

Reversal back from the trend-channel resistance might continue to find support near 1.4400 handle. Subsequent weakness back below 1.4400 level …read more

Source:: FX Street