OctaFX | OctaFX Forex Broker
Open trading account

GBP/USD: no support from Industrial Production, all eyes on BOE

FXStreet (Moscow) - GBP/USD  is trapped below 1.6000 pivot ahead of the BOE’s monetary policy decision. The pair jerked towards 1.5988 on UK’s industrial production report, but the reaction has been muted so far.

GBP/USD is sidelined after volatile movements on Wednesday. Generally, the pair lives by USD rules nowadays, but high-profile UK news may take the toll GBP dynamics. UK Industrial production numbers came out mostly in line with expectations at 1.5% y/y, 0.6% m/m in September against 2.5% y/y, 0.0% m/m in August. Markets turned a blind eye to the report as they are waiting for the BOE’s policy meeting results and the accompanying monetary policy statement that may force them to scale back their first rate hike expectations. From the technical point of view, keep an eye at the Asian low of 1.5955 followed by 1.5900 pivot. On the upside we need a sustained break above 1.6000 to get a chance to move towards 1.6060.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5956, with support below at 1.5890, followed by 1.5802 and 1.5736 with resistance above at 1.6044, followed by 1.6110 and 1.6198. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6032, and the daily 20EMA bearish at 1.6062. Hourly RSI is bullish at 55.

GBP/USD trading on the wrong side of 1.6000 - UOB Group

The Market Strategy Team at UOB Group observe that GBP/USD has been trading below the 1.6000 level ahead of the BoE monetary policy meeting later today.
Read more Previous

UK: Annual Industrial Production up 1.5% in September, as expected

Year-over-year UK Industrial Production rose by 1.5% in September, following a 2.2% increase in August, National Statistics informed on Thursday. This result is in line with forecasts. On a monthly basis Industrial Production grew 0.6%, compared with the 0.1% drop and above expectations of +0.4.
Read more Next
Start livechat