GBP/USD dips below $1.4440 but immediately recovers above $1.45 despite the negative manufacturing data

• 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.