GBP/USD finds good support at 1.4440, UK data eyed

The GBP/USD pair faded a spike to higher levels and reverted to daily lows below the mid-point of 1.44 handle, before recovering some ground to flirt around the last in the recent dealings.

GBP/USD hovers around hourly 100-SMA

The GBP/USD pair trades modestly flat at 1.4451, having posted day’s high at 1.4468 and day’s low at 1.4440. The cable pares gains and consolidates the downside in early Europe, as focus now turns towards the UK manufacturing and industrial production data due for release later this session.

Manufacturing production in UK is expected to have bounced back slightly between February and March to a growth of 0.3% from a decline of 1.1% a month before. Factory output was suppressed in February.

However, a broadly lower US dollar keeps the downside in check, while the upside looks limited amid a poor risk environment backed by subdued oil prices.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4495/1.4500 (10-DMA/ round number), above which 1.4550 (1h 200-SMA) would be tested. On the flip side, support is seen at 1.4432/00 (5-DMA/ round number) below that at 1.4353/50 (100-DMA/ psychological levels).