Forex: GBP/USD held despite UK GDP estimate

FXstreet.com (Barcelona) - Aided by support at 1.5975, the GBPUSD remains away from losses as it trades at 1.5980/85, but there are still chances of a drop lower. The National Institute of Economic and Social Research in the UK released the October estimate of the country's GDP taking in account the last three months, pointing at 0.5% growth. The September figure was revised higher, from 0.8% to 1.0%.

Earlier, during the London morning, the UK industrial production and manufacturing production figures surprised negatively in every criteria. According to TD Securities, the industrial production report was hurt by massive declines in mining and oil/gas.

Commerzbank analysts see the GBPUSD more fragile on the erosion of support at 1.5980/77 (support line and 10th Oct low): "This is negative price action and attention is on 1.5912/00, which is the 50% retracement of the move up from July and also the 23rd August high", wrote analyst Karen Jones, favoring a break below
here on the longer term to initially the 200 day ma at 1.58485.