Brocker.Org: GBP/USD tumbles to lows on downbeat UK data

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The Sterling is now losing the grip, sending GBP/USD to the lower bound of the daily range near 1.2900 the figure.

GBP/USD offered on data, looks to BoE

The pair turned negative after UK’s docket showed results below market consensus for the month of March.

In fact, Industrial Production and Manufacturing Production contracted at a monthly 0.5% and 0.6% respectively, while the trade deficit widened to £13.44 billion from February’s £11.44 billion.

GBP stays under pressure in the wake of the releases and ahead of the BoE meeting, MPC minutes and Governor Carney’s speech.

GBP/USD levels to consider

As of writing the pair is down 0.19% at 1.2917 with the next support at 1.2900 (low May 9) followed by 1.2851 (20-day sma) and finally 1.2829 (low May 4). On the upside, a surpass of 1.2992 (2017 high May 8) would open the door to 1.3000 (psychological handle) and finally 1.3125 (high Sep.22 2016).

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