Forex: GBP/USD: Pound eases from 1.6560 session high despite bright manufacturing data

You
GMT
London
New York
Tokyo

Published: Thu, 05 Nov 2009 10:42:00 +0100

Forex: GBP/USD: Pound eases from 1.6560 session high despite bright manufacturing data

FXstreet.com (Barcelona) - The Pound, which was trading around 1.6560, on recovery from 1.6460 session low, has dipped more than 40 pips to 1.6620 despite UK industrial output posting its largest monthly increase in the last 7 years.

Manufacturing activity increased 1.7% in September while it dropped 9.3% year on year, and industrial outpit rose 1.9% on the month, the largest increase since July 2002, and it fell10.2% year on year.

At the moment, the Pound trades at 1.6520, with next support level at 1.6465 session low, and below here,1.6400 (Nov 4 low) and 1.6350/60. On the upside, resistance levels lie at 1.6600 (Oct 29/Nov 4 high), and above here, 1.6640 (Oct 21 and 22 high) and 1.6695 (Oct 23 high).

By Fxstreet.com

Real-Time Economic Calendar - Currencies at a Glance - Pip Rebate Program

© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.