GBP/USD Reaches 5 Week High
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The Pound's recovery from a 1.5895 low on January 7 has extended above 1.6240/Dec 31 and the Jan 4 high, and the Sterling has taken back all the ground lost on the first week of the year, to hit a fresh 5-week high at 1.6265.
On the upside, in case of confirming above 1.6240, (Dec 31 and Jan 4 high), the next resistance level lies at 1.6335/40 (Dec 17 high) and 1.6410 (Dec 16 high). On the downside, support levels remain at a 1.6135 session low, and below here, 1.6100/10 (Jan 8 high) and 1.6060 (Jan 6&7 high/ Jan 12 low).
The Pound remains steady at the 1.6240/60 area after the release of UK manufacturing data. Manufacturing output remained flat in November, while it dropped 5.4% year on year, while Industrial Production posted a 0.4% month on month increase, and a 6.0% decline on the year.
