GBP/USD drops further to 1.5160 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - GBP/USD kept its bearish bias intact and hovers near fresh monthly lows on the 1.51 handle, after the overall industrial production data for the third quarter was revised lower.

    GBP/USD eyes Oct Lows

    The GBP/USD pair trades -0.31% lower at fresh four-week lows of 1.5161, moving further away from 1.52 handle. The GBP bulls were left unimpressed by the UK data, despite manufacturing production rebounded above expectation. While markets continue to weigh the downwardly revised figures for the Q3.

    The UK manufacturing production increased 0.8% m/m in Sept, from growth of 0.4% a month before, while total industrial production declined by -0.2%, against a 0.1% decline expected. While the manufacturing activity declined 0.4% overall during Q3, and the growth of total industrial production was revised from 0.3% down to 0.2%.

    Markets now shift their attention towards the US payrolls data, which is likely to emerge USD positive. The payrolls are expected to show a 182,000 jobs increase, up from 142,000 in Sept.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.5220 (daily highs), above which 1.5270 (daily pivot) would be tested. On the flip side, support is seen at 1.5137/38 (Oct6 Low/daily S1).
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