- Pair is currently trading at $1.4504 levels.
- It made intraday high at $1.4510 and low at $1.4435 levels.
- UK released manufacturing production data with negative numbers.
- Manufacturing production data failed to meet expectations falling 0.2% m/m vs -0.4 expected. This is the third consecutive fall since September 2015.
- In addition, UK's total industrial production between November and December down by 1.1%; it's lowest output level since September 2012.
- Intraday bias remains bearish below $1.4546 levels.
- A break of $1.4546 will drag the parity towards $1.4700 mark.
- On the down side major support falls at $1.4364 levels.
- A daily close below major support levels will take the parity at $1.4100 marks.
- Initial support levels are seen at $1.4400, $1.4351 and $1.4229 levels.
- On the other side, resistance levels are seen at $1.4546, $1.4590 and $1.4668 levels.
We prefer to take short position around $1.4520, stop loss $1.4668 and target $1.4229 levels.
