FXstreet.com (Córdoba) - GBP/USD is moving sideways with no clear direction so far, during the American session. It trades around the 1.5900 zone which is 0.10% below today's opening price. Cable failed to hold gains after peaking at 1.6048 and plunged to 1.5875 following the release of the UK Industrial Production that showed a non-expected decline. GBP/USD recovered later but found resistance at 1.5940.
On the downside support lies at 1.5875 (intra-day low) and below at 1.5810/20 (Oct 2 low).
Walid Salah El Din, analyst at FX Recommends, affirms that the UK Industrial Production report affected Cable: Data brought back the probabilities of further easing actions by the BOE (Bank of England) to stimulate this current struggling economy before easing to the spot of the investors who started later in the session to put weights on the greenback easing the pressure on the British pound in an improving wave of the market risk appetite pushing the stocks up hoping for a closer recovery signs than what was expected.