Home Featured News U.K Manufacturing Production Up 0.5%, GBPUSD Eyes 1.3165

U.K Manufacturing Production Up 0.5%, GBPUSD Eyes 1.3165

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The U.K Manufacturing Production rose 0.5%, from 0.0% a month earlier passing forecast of 0.3% in the last month.

On an annualized basis,  manufacturing production rose 1.9% in July, exceeding expectations of 1.7%, after rising by 0.6% the previous month.

The report also showed that industrial production recorded a seasonally adjusted 0.2% rise in July, in line with expectations and a 0.5% increase in the previous month.

Year-over-year, industrial production rose by 0.4% in July, in line with expectations and after a 0.3% increase in the previous month.

Conclusion: This development will keep the bullish tone intact, buying the pair on dips still recommended, support levels are 1.3115, 1.3060, 1.3030 while the main resistance remains at 1.3165 levels where a corrective pullback is very likely…

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