Today, UK's Office of National Statistics reported that manufacturing production shrank by in October, at a -0.7% clip. This was disappointing because forecasts averaged a 0.2% reading. September's reading was revised slightly higher to 0.6% from the original 0.4% reading. October's print was the second negative and second worse reading in 2014. However, we are in December already, so this data point is unlikely to have much impact outside of the intra-session time-frame. (GBP/USD 4H Chart 12/9) The 4H chart shows that price cracked the resistance cluster around 1.5680 and pushed at 1.5695. Then, after the UK manufacturing data point, the market faded the pair. However, it is still not clear if the market will be in bearish continuation. A break below 1.5620 will be needed to trigger a bearish continuation outlook. If price continues to rebound, the next line of defense for the bearish outlook will be around 1.5735, a common resistance during the consolidation period in the second half of November. Now, if price breaks this resistance, it would also break a falling trendline from July, seen in the daily chart. So, let's see if price can hold below 1.57 today and fall back below 1.5620. If not, let's see if the bearish outlook can stay alive by monitoring for sellers at the 1.5735 area. A break above 1.5750 would probably be a clear indication of GBP/USD shifting from bearish mode into a consolidation mode. (GBP/USD Daily Chart 12/9)