U.K. Manufacturing & Industrial Production Data
U.K. is going to release multiple economic data at 0600 GMT/1130 IST. These data includes U.K.’s manufacturing production, industrial production, GDP, goods trade balance and index of services data. As all the indicators are releasing together, there are chances of mixed data along with volatility. It’s a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The pound appreciates sharply against U.S. dollar and trading around $1.2950 mark in early Asia. Today pair made intraday high at $1.2959 and low at $1.2912 mark. A sustained close above $1.2976 will drag the parity up towards $1.3002, $1.3070 and $1.3102 mark respectively. Key support levels are seen at $1.2912, $1.2854, $1.2822, $1.2752, $1.2723, $1.2675, $1.2632, $1.2602 and $1.2570 mark respectively.
Take a look and do trade wisely!