Forex: GBP/USD declines on weak UK numbers
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - Having ranged overnight and into the European session, GBPUSD has sold off sharply following poor UK Industrial and Manufacturing numbers.
The pair, now trading at 1.6112 just below the daily Pivot Point, broke below the hourly 610, 200 and 20 MA's on news that UK Industrial and Manufacturing Production had underperformed analyst expectations. Despite the initial drop, spots seeming consolidation at the Pivot level, alongside the upward trajectory of the hourly 55 and 100 MA's and the slight flattening of RSI, currently at 48, suggest that support may have some rigour to it in the short term. With the European calendar largely complete absent the results of Italian and UK respective 3 & 10 year debt auctions, focus now moves to the US session in which a UK GDP estimation is due at 15:00 GMT.
The pair, now trading at 1.6112 just below the daily Pivot Point, broke below the hourly 610, 200 and 20 MA's on news that UK Industrial and Manufacturing Production had underperformed analyst expectations. Despite the initial drop, spots seeming consolidation at the Pivot level, alongside the upward trajectory of the hourly 55 and 100 MA's and the slight flattening of RSI, currently at 48, suggest that support may have some rigour to it in the short term. With the European calendar largely complete absent the results of Italian and UK respective 3 & 10 year debt auctions, focus now moves to the US session in which a UK GDP estimation is due at 15:00 GMT.
Free Annual Reports
