Forex: GBP/USD continues decline from morning high

FXstreet.com (Barcelona) - Having posted a morning high at 1.5997, GBP/USD declined to support following a morning of poor European economic data from both the UK and Europe.

Price met resistance at 1.5999, the daily pivot point, before declining following a raft of softer than expected data. UK Industrial and Manufacturing Production numbers too came in softer than expected at -1.7%/-0.6% MoM, -2.6%/-1.6% YoY, and 0.1%/0.3% MoM, -1.0%/-0.8% YoY respectively. EU PPI caused a pleasant surprise for risk sentiment, coming in at 2.7%/2.6% before MoM German Factory orders disappointed at -3.3%/-0.5%. Price is currently trading at 1.5989 and looking especially low on momentum or direction as focus shifts to the US open ahead.

Markets looks to be caught between focus with the US Election taking precedence but the ugly Greek situation also continue to escalate with riots ahead of tomorrows Austerity vote being reported in Athens. Elsewhere, European stocks alongside US futures and the majority of commodities whilst critical yields are down and stable.

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