OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD trading at 1.4847/51 after weak UK data

The GBP/USD recovery movement was sidelined on the heels of weak economic data out of the United Kingdom – the cross is trading at session of 1.4847/51, falling over 50 pips in recent moments to settle -0.46% off its opening.

In the United Kingdom, Industrial Production (YoY) fell -2.9% in January, against expectations calling for a -1.1% decline. Moreover, the Goods Trade Balance came in at -£8.195B in January, beating estimates of -£9.0B. Finally, Manufacturing Production (YoY) was reported at -3.0% in January, against a projected figure of -1.1%.

“The recent GBP/USD downtrend is keeping bears in play, and a break of recent lows suggests an opening psychological 1.4800 barrier down to 1.4780 (Mar 2010 low) coming in near-term focus. In addition, near-term studies hold a definitively negative tone and see room for further extension lower.” warns Slobodan Drvenica, an analyst at Windsor Brokers Ltd.

Drvenica points to the next supports at the 1.4865 level, onto 1.4853, and finally the 1.4800 barrier. On the ascension, a prolonged surge above the 1.4945 resistance will activate additional means of correction at 1.4966 and 1.5000.

Forex Flash: Europe in a nutshell - Nomura

Nomura economists have taken a look at the European predicament and have delivered a bitesize summary of their views looking forward.
Read more Previous

UK: Annual Industrial Production tumbles 2.9% in January

Year-over-year UK Industrial Production fell by 2.9% in January, following a 2.1% drop in December, National Statistics informed on Tuesday. Analysts forecasted less decline of 1.1%. UK Industrial Production slid by 1.2% between December 2012 and January 2013, in comparison with the 1.1% increase registered between November 2012 and December 2012 and against expectations of a 0.1% rise.
Read more Next
Start livechat