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Forex: EUR/GBP records fresh lows after UK industrial production

FXstreet.com (Barcelona) - The EUR/GBP had bounced off the 0.8455 level during European trading Thursday, however an attempt at the upside was stymied at 0.8469. On the heels of economic data out of the United Kingdom and ahead of the BoE interest rate decision later today, the cross quickly retraced this movement to record fresh session lows at 0.8450/53 in these moments.

According to the Technical Analyst Team at ICN.com, “The EUR/GBP rebounded towards the 0.8500 resistance, however the potential bullish reversal falling wedge pattern continues to be intact and we prefer to see a clear break above 0.8500 level to confirm further upside. Thus, we remain on the sidelines today, awaiting further clarity.”

At the time of writing, the cross incurring a decline of -0.18% - the Mataf.net analyst team posits the next means of resistance at 0.8488, followed by 0.8509, and ultimately 0.8528. On the decline, a break below 0.8448 will trigger short-term supports for the EUR/GBP at 0.8429, ahead of 0.8408.

In the United Kingdom, Industrial Production (YoY and MoM) came in at -1.4% in March (against expectations of -1.6%) and +0.7% in March (vs. a consensus of +0.2%) respectively. Finally, Manufacturing Production (YoY) fell -1.4% in March, relative to projections of -2.0%.

United Kingdom Industrial Production (MoM) down to 0.7% in Mar from 0.9% in Feb. (YoY) -1.4% vs. -2.5%.

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