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Industrial Production Indicates Pound Weakness

08 August 04:42 PM

According to the ONS, the extra weekend in June and the days-off dedicated to Queen Elizabeth’s birthday resulted in lower industrial production.

The manufacturing, energy and mining industries of the UK economy showed a decline by 2.5% (m/m). However, the actual performance turned out better than expected despite the decline.

The mining industry dropped by 2.95 in June (m/m) against the expectations of a 4.4% decline. Nevertheless, this was the biggest decline since 2008.

Forex.

According to Masterforex-V Academy, the British pound is still strengthening against the US Dollar. Nevertheless, the experts say that GBPUSD has finished forming wave А/В of level Н4.

A break above the local high will resume the rally represented by wave А/В of level Н8 or higher. The closest major levels of resistance are 1.5729 and 1.5766. A break below 1.5571 will resume the forming of wave А/В of level Н4. If this is the case, the price will probably meet support at 1.5563, 1.5545 and 1.5489.

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