According to the recent report published by the Office for National Statistics, the U.K.’s industrial production showed some positive dynamics in January 2016, Market Leader reports. It is also important to keep in mind that the this was the first time in 3 months the index showed some growth at all.
They say the industrial production in Great Britain is now growing that the highest pace seen over the last few months. To be more specific, the index gained 0.3% over the reporting period. With that being said, the latest performance slightly covered a 1.1% decline seen a month before. We remind you that the recant pace of growth corresponds to the 5-month high. Even despite showing positive dynamics, the figures turned out to come in below expectations. The thing is that experts had anticipated a 0.5% increase versus the actual growth rate of 0.3%.
At the same time, the country’s manufacturing production exceeded analyst expectations over the same reporting period. The actual figures reached +0.7% against the forecast of +0.2%.
FOREX
In the meantime, Masterforex-V Academy experts report that the British Pound keeps on trading within the scope of the same long-term downtrend against the U.S. Dollar. To be more specific, GBPUSD is forming wave a(C )/C of level Monthly2 inside the downtrend, the experts say.
The closest levels of support can be found at the local lows of 1.3654, 1.3503 as well as 1.3562. At the same time, MF pivot 1.5818 and the bottom of the ascending MF sloping channel are seen as the closest major levels of resistance.
