Forex: GBP/USD continues to plummet after BoE

FXstreet.com (Barcelona) - Sterling has been plumetting 0.47% agaisnt the greenback during most of the early European session and after the BoE's interest rate decision. The Bank Rate remained unchaged at 0.5% and the Asset Purchase Facility is still at 325 billion pounds. Earlier today, new figures for industrial and manufacturing production gave a bleak picture of the British economy. Manufacturing production fared worse than expected with monthly and yearly contractions of 1.0% and 1.4%, respectively. The YoY performance of industrial production came out as forecasted, with a 2.3% drop, less worse than the previous -4.0%. On the bright side, MoM industrial production growth overperformed forecasts with a 0.4% increase.

The pair is currently trading at 1.5827, with resistance at 1.5845, ahead of 1.5885 and 1.5924, according to FXstreet.com pivot points on technical tools. On the downside, there is support at 1.5826, before 1.5786 and 1.5747.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS