Forex: GBP/USD trading at 1.5819/20 after UK data

FXstreet.com (Barcelona) - The GBPUSD's earlier plunge off and subsequent rebound off of 1.5809 (daily minimum) has led the pair to be traded at 1.5819/20 following the release out of economic data in the United Kingdom. At the time of writing, the pair is operating at a -0.05% loss during European trading Tuesday.

In the United Kingdom, Public Sector Net Borrowing came in at £13.208B in December, against a consensus expectation of £13.0B, and relative to £15.328B previously. Also on the docket Tuesday is a UK 10-year Bond auction.

According to Research Analyst Gareth Berry at UBS, we reiterate a strictly bearish outlook for the GBPUSD as the pair tested important support at 1.5829; a closing break below this level would be further negative exposing 1.5755 ahead of 1.5694.