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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).

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

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.
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UK: Annual Industrial Production falls 1.4% in March

Year-over-year UK Industrial Production fell by 1.4% in March, following a 2.5% drop in February, National Statistics informed on Thursday. This is a more positive result that the forecasted 1.6% decrease. UK Industrial Production grew by 0.7% between February 2013 and March 2013, in comparison with the 0.9% increase registered between January 2013 and April February and above expectations of a 0.2% rise.
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