GBP/USD stuck in range near 1.2160, UK data in focus

The GBP/USD pair extends its side-trend in the European session, as the bears continue to consolidate steep overnight losses heading into the UK economic releases due in less than hour.

Cable trades modestly flat so far this session, as sentiment remains divided amid risk-on rally in global equities and an air of caution ahead of the UK manufacturing, industrial production data – the first major economic release of this week from the UK docket. The UK trade balance figures will also have some bearing on the pound.

The spot also remains supported on the back of cross-driven strength, as EUR/GBP rises to 7-week tops, in response to ECB’s slightly hawkish bias. However, the major’s next direction will be determined by the upcoming US NFP data due later in the NA session.

GBP/USD Levels to consider            

At 1.2162, the resistances are lined up at 1.2186/1.2200 (5-DMA/ round figure) and 1.2250/53 (psychological levels/ Mar 7 high) and above that at 1.2304 (Mar 6 high). On the flip side, the resistances are aligned at 1.2135/27 (classic S1/ Fib S2) and 1.2100 (psychological levels) and below that at 1.2050 (Flash crash territory).