Manufacturing Production measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.
The U.K Manufacturing Production fell from 0.4% to -0.4% in the previous month , analysts had expected U.K Manufacturing Production to fall to 0.1% in the last month.
This development is likely to bring a corrective pullback towards the key support 1.5388 levels before the next possible rise .On the upside , resistance comes at the 1.5440 levels. a halt is likely but a break would open 1.5500 next, further upside will aim the 1.5585 levels.
On the downside, support comes at the 1.5388 levels where rejection is very likely, however; a cut below the 1.5388 will extend pullback towards the 1.5265 levels….