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GBP / USD strengthens based on the mixed UK data

Among the G7 currencies, the British pound is currently the only one holding in positive territory against the USD. Despite the rise in the dollar index, the GBP / USD pair gained almost 0.1%.

 

In the morning, a large block of macroeconomic statistics was published in the UK. The published figures were mixed. The volume of industrial production increased by 1.0%, against the forecast of + 0.5%. The volume of production in the manufacturing industry increased by 1.3%, against the forecast of + 0.5%. GDP data turned out to be worse than forecast. The annual rate decreased by 7.8%, against the forecast of -7.3%. Over the month, GDP grew by 0.4%, against the forecast of + 0.6%.

 

In the second half of the day, the dominant influence on the trades will be provided by the US dollar. Investors are waiting for the publication of CPI data. If the actual values ​​of the forecasted levels are exceeded, the dollar may accelerate its growth. In this case, the pressure on the GBP / USD pair will increase.

 

On the chart, the currency pair cannot cope with the resistance at 1.3757. Within the day, we are waiting for the development of a downward movement in the direction of the level of 1.3660.

 

  • Resistance levels: 1.3757, 1.3830, 1.3950;

 

  • Support levels: 1.3660, 1.3590, 1.3550.

 

The main scenario is a decline from current levels to 1.3660.

 

An alternative option is a breakdown of resistance at 1.3757 and an increase to 1.3830.

 

The current fundamental background is neutral. We consider shorts from the level of 1.3757.

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