The British pound is on the move, not waiting for the BOE’s “Super Thursday”. Sterling is falling as all the figures align to the downside. GBP/USD dropped some 25 pips and trades at 1.2917. The goods trade balance showed a wider than expected deficit: 13.4 billion against 11.7 predicted. Industrial output is down 0.5%, slightly worse than 0.4% predicted. The narrower manufacturing output number is down 0.6% instead of 0.2% that was on the cards. The disappointment with the largest magnitude came from construction output: a drop of 0.7% against a rise of 0.3% that was projected. When all the figures go in one direction, so does the currency. Here is the 30-minute chart demonstrating the slide. Support awaits at 1.29, followed by 1.2770. Resistance is at 1.30. BOE coming soon The Bank of England will deliver its decision at 11:00 GMT. A gloomier tone is on the cards. See the BOE Preview. Governor Mark Carney and his colleagues may be a bit cautious on forecasts as their meeting comes out just four weeks ahead of the UK elections. Carney has been criticized for making dark Brexit projections that haven’t materialized in 2016. However, 2017 already looks worse. Carney has been criticized for making dark Brexit projections that haven’t materialized in 2016. However, 2017 already looks worse. The economy grew by only 0.3% in Q1 2017 and the figures released today were not the only ones that fell short of early expectations. More: GBP: Has it gone too far? 3 opinions 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next BOE sees a “smooth” Brexit, inflation peaking – GBP Yohay Elam 6 years The British pound is on the move, not waiting for the BOE's "Super Thursday". Sterling is falling as all the figures align to the downside. GBP/USD dropped some 25 pips and trades at 1.2917. The goods trade balance showed a wider than expected deficit: 13.4 billion against 11.7 predicted. Industrial output is down 0.5%, slightly worse than 0.4% predicted. The narrower manufacturing output number is down 0.6% instead of 0.2% that was on the cards. The disappointment with the largest magnitude came from construction output: a drop of 0.7% against a rise of 0.3% that was projected. When all the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
