Home Analyses Higher Industry and Production from the UK – 10 February 2017

Higher Industry and Production from the UK – 10 February 2017

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GBP/USD

On the last trading day of the week, the markets of the markets from England moved. In the UK, the latest industrial and manufacturing data for 2016 gave hope to the UK economy.

Accordingly, manufacturing production rose 2.1% in December 2016, while a 0.5% increase was expected. Year-on-year manufacturing production rose 4.0% on the 1.8% rise expectation. There is a similar situation in industrial production. Industrial production, which was a 0.2% increase, rose by 1.1% in December. Year-on-year industrial production rose 4.3%, while a 3.2% increase was expected. Another explanatory data was the trade balance of the EU, which is very important because of the Brexit process. The foreign trade deficit, which is expected to be $ 3.30 billion, is lower than the expectations of non-EU countries, at 2.11 billion dollars.

After the positive data, GBP/USD rose to 1.2520 from 1.2480. However, GBP/USD, which could not resist the strengthening dollar index, retreated later. Currently, the GBP/USD, which tests for 1.2430 support, continues to strengthen in the dollar index and may decline to 1.2370 if it declines downward. Another support below 1.2370 is 1.2340. On the rise, if it is over 1.2430, it can be followed as 1.2460 – 1.2520 – 1.2550 resistance.

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