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May 9, 2013
Forex: GBP/USD testing highs after UK data
FXstreet.com (Barcelona) - The sterling is now accelerating its intraday upside after the industrial and manufacturing data in the British economy surprised investors in March. In fact, industrial production expanded 0.7% on a monthly basis while the manufacturing production grew 1.1% MoM.
“The Bank of England’s monetary policy meeting is likely to be a non-event today with policy expected to be left unchanged… The pound is currently stabilizing at higher levels after recently undergoing a corrective rebound following heavy selling in Q1”, commented Currency Analyst Lee Hardman at BTMU.
As of writing, the cross is up 0.28% at 1.5578 facing the next resistance at 1.5593 (HIGH May 8) ahead of 1.5599 (high May.6) and finally 1.5603 (high May 3).
On the downside, a break below 1.5534 (low May 9) would bring the psychological level at 1.500 and then 1.5471 (low May 8).
“The Bank of England’s monetary policy meeting is likely to be a non-event today with policy expected to be left unchanged… The pound is currently stabilizing at higher levels after recently undergoing a corrective rebound following heavy selling in Q1”, commented Currency Analyst Lee Hardman at BTMU.
As of writing, the cross is up 0.28% at 1.5578 facing the next resistance at 1.5593 (HIGH May 8) ahead of 1.5599 (high May.6) and finally 1.5603 (high May 3).
On the downside, a break below 1.5534 (low May 9) would bring the psychological level at 1.500 and then 1.5471 (low May 8).