11 Jun 2013
GBP/USD keeps lows after UK data
FXstreet.com (Barcelona) - The GBP/USD remains in the mid 1.5500s after the overall good data from the industrial sector in the British economy for the month of April.
UK extending its momentum
On an annualized basis, the industrial production contracted 0.6% and the manufacturing production followed suit, dropping 0.5% vs. forecasts at -0.7% and -0.4%, respectively. “The expectations for growth in consensus relative to recent data trends suggests the UK is the clear winner, with the ability to actually see further outright upward forecast revisions as we move through the summer”, suggested Richard Kelly, Strategist at TD Securities.
Key levels to watch
At the moment the pair is down 0.11% at 1.5556 with the next support at 1.5488 (low Jun.7) ahead of 1.5426 (61.8% of 1.5008-1.4685) and then 1.5390 (MA10d). On the flip side, a breakout of 1.5618 (high Jun.7) would expose 1.5685 (high Jun.60 and finally 1.5690 (high Feb.13).
UK extending its momentum
On an annualized basis, the industrial production contracted 0.6% and the manufacturing production followed suit, dropping 0.5% vs. forecasts at -0.7% and -0.4%, respectively. “The expectations for growth in consensus relative to recent data trends suggests the UK is the clear winner, with the ability to actually see further outright upward forecast revisions as we move through the summer”, suggested Richard Kelly, Strategist at TD Securities.
Key levels to watch
At the moment the pair is down 0.11% at 1.5556 with the next support at 1.5488 (low Jun.7) ahead of 1.5426 (61.8% of 1.5008-1.4685) and then 1.5390 (MA10d). On the flip side, a breakout of 1.5618 (high Jun.7) would expose 1.5685 (high Jun.60 and finally 1.5690 (high Feb.13).