Forex: GBP/USD plunges on weak industrial production
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GBP/USD
FXstreet.com (Barcelona) - Market participants were already getting ahead of a fall as the GBPUSD eased to 1.6140, but the UK industrial production data release triggered a 20-pip plunge to 1.6120 low.
Neither industrial production nor manufacturing production were able to improve the annualized figures to the expected -1.9% and -1.3% in November, respectively. IP fell from rose from -3.0% to -2.4%, with monthly strength of 0.3%, and MP fell from -2.0% to -2.1%, with a -0.3% contraction.
Commerzbank analysts are allowing a rebound after yesterday's key day reversal, with rallies expected to find interim resistance at 1.6178/80 ahead of 1.6310/70 and the 1.6452 2009-2013 downtrend. "Minor support is found at 1.6075 ahead of the 1.5955 7 month uptrend", wrote analyst Karen Jones.
Neither industrial production nor manufacturing production were able to improve the annualized figures to the expected -1.9% and -1.3% in November, respectively. IP fell from rose from -3.0% to -2.4%, with monthly strength of 0.3%, and MP fell from -2.0% to -2.1%, with a -0.3% contraction.
Commerzbank analysts are allowing a rebound after yesterday's key day reversal, with rallies expected to find interim resistance at 1.6178/80 ahead of 1.6310/70 and the 1.6452 2009-2013 downtrend. "Minor support is found at 1.6075 ahead of the 1.5955 7 month uptrend", wrote analyst Karen Jones.
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