U.K. PM May's "third way" Brexit plan, which looked good on Friday, led to a series of resignations on Monday, including Brexit minister David Davis and foreign minister Boris Johnson. May said that "Brexit means Brexit" does really mean Brexit, but not everyone seems to share the same opinion. GBP/USD lost about 180 pips before bouncing, but weaker Manufacturing Production data, released today, doesn't help it.
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GBP/USD spikes lower after weak data
Much weaker than expected economic data, most notably Manufacturing Production, sent GBP/USD 50 pips to the lower part of the three-day range. The pair encountered a firm resistance in 1.345 - 1.35 area (includes 23.4% fib of April - May decline). 1.33 - 1.335 is the initial support.
Cable still very much range-bound
British pound rose today in line with better than expected manufacturing/industrial production and some positive Brexit headlines. GBP/USD is still very much in 1.3025 - 1.3325 range, currently looking to extend it to the upside. 1.3350 is the initial target.
Cable breaks 200 DMA
Cable rallied again after surprise Industrial and Manufacturing Production data:
Industrial Production (MoM): 0.5% vs. 0.1% expected, 0.1% previous
Industrial Production (YoY): 0.7% vs. 0.2% expected, 0.1% previous
Manufacturing Production (MoM): 0.4% vs. 0.3% expected, 0.5% previous
Manufacturing Production (YoY): 1.1% vs. 1.0% expected, 1.2% previous
It has broken above 200 DMA in the process and stalled ahead of Monthly Resistance 1 just above 1.57. If it can hold above the 200 DMA, Weekly Re…
Industrial Production (MoM): 0.5% vs. 0.1% expected, 0.1% previous
Industrial Production (YoY): 0.7% vs. 0.2% expected, 0.1% previous
Manufacturing Production (MoM): 0.4% vs. 0.3% expected, 0.5% previous
Manufacturing Production (YoY): 1.1% vs. 1.0% expected, 1.2% previous
It has broken above 200 DMA in the process and stalled ahead of Monthly Resistance 1 just above 1.57. If it can hold above the 200 DMA, Weekly Re…