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Forex: GBP/USD plunges on weak industrial production

By FXstreet.com,  January 11, 2013, 04:53:00 AM EDT

FXstreet.com (Barcelona) - Market participants were already getting ahead of a fall as the GBP/USD eased to 1.6140, but the UK industrial production data release triggered a 20-pip plunge to 1.6120 low.

Neither industrial production nor manufacturing production were able to improve the annualized figures to the expected -1.9% and -1.3% in November, respectively. IP fell from rose from -3.0% to -2.4%, with monthly strength of 0.3%, and MP fell from -2.0% to -2.1%, with a -0.3% contraction.

Commerzbank analysts are allowing a rebound after yesterday's key day reversal, with rallies expected to find interim resistance at 1.6178/80 ahead of 1.6310/70 and the 1.6452 2009-2013 downtrend. "Minor support is found at 1.6075 ahead of the 1.5955 7 month uptrend", wrote analyst Karen Jones.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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