U.K Manufacturing Production Up -0.3%, Sell GBPUSD On Rebound !

U.K manufacturing data picks up in June. This scenario should be taken as an opportunity to short GBPUSD on recovery!

The U.K Manufacturing Production rose -0.3%, from -0.6% in the last month, missing forecast of -0.2%.

This development could bring a corrective recovery before the next fall, immediate resistance seen at the 1.3020 levels, a clear break would open the main resistance at the 1.3100 levels….

On the downside, immediate support comes at the 1.2940 levels, a halt is likely but a cut would open 1.2870, further down, support comes at the 1.2820 levels…

Remember, at the moment, the pair is around 1.3000 levels. It’s critical support on the daily timeframe 127.2% Fib extension of (1.3371/1.3102) run, and a psycho number…..so we might see hesitation around this level…