GBP/USD is very industrious in going lower on industrial data

By FXstreet.com | July 08, 2014 AAA

FXStreet (Moscow) - GBP/USD showed attempts to resume the rise right before the UK data, and moved to 1.7091 after the release.



Industrial data is out



The pair was trying to recover even before the release, hoping that UK Industrial Data will follow the recent trend of surprisingly strong numbers. The market remembered about the weaker than expected Manufacturing PMI in May, but much stronger than expected PMI in June, thus the come out was hard to predict. The Industrial Production came out at 2.3% m/m, -0.7% y/y vs 3.1% m/m, 0.2% y/y expected, confirming the British economy is still not growing at the full pace, thus, delaying the BOE tightening expectations. The pair moved to 1.7091 on the release, and the next target may be at 1.7074.



What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.7135, with support below at 1.7100, 1.7074, and 1.7039 with resistance above at 1.7161, 1.7196, and 1.7222. Hourly Moving Averages are bearish, with the 200SMA at 1.7100, and the daily 20EMA bullish at 1.7032. Hourly RSI is bearish at 42.



comments powered by Disqus
Related Forex Analysis
  1. Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum
    Forex News

    Markets Brace for More Volatility on ECB TLTRO, Scotland Referendum

  2. USD/JPY unstoppable; 109.00 within reach
    Forex News

    USD/JPY unstoppable; 109.00 within reach

  3. British Pound: Scottish Vote is Close and FX Traders are Nervous
    Forex News

    British Pound: Scottish Vote is Close and FX Traders are Nervous

  4. EUR/USD on mend, but sky is still clouded
    Forex News

    EUR/USD on mend, but sky is still clouded

  5. Asia Recap: Focus shifted to Scottish vote
    Forex News

    Asia Recap: Focus shifted to Scottish vote

Trading Center