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UK manufacturing production jumps – GBP/USD closer to 1.54

UK manufacturing production exceeded expectations and rose by 1.9%. It was expected to rise by 0.9%  in June after falling by 0.8% in the previous month (before revisions). The wider industrial production figure also surprised by rising 1.1%. It was expected to rise by 0.7%. These are more good news for the UK economy.

GBP/USD was rising before the publication and it reached 1.5370. It is now around 1.5390, and the stubborn level of 1.54 is very close. Did the pair front-run a good outcome? Can it break 1.54? EUR/GBP also fell, and with a small gap, to 0.8620.

The recent purchasing managers’ indices were certainly positive, especially in the UK’s largest sector: services. The figure reached 60.2 points, reflecting very strong growth.

From now on, all eyes are on the inflation report. The Bank of England has promised a “review on forward guidance”. Will Carney send the pound crashing once again and despite all the signs of economic improvement? We will know tomorrow at 9:30 GMT.

1.54 remains tough resistance and support is found at 1.5330. For more levels, events and analysis, see the GBPUSD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.