Forecast: How will U.K. manufacturing data impact GBP/USD?

ForexNewsNow | Published on July 7, 2010 at 6:34 pm

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NEW YORK (Forex News Now) – Britain’s statistics bureau is due on Thursday to publish a report on manufacturing production in the United Kingdom, in one of the day’s major FX news events.

The report is expected to show that manufacturing production increased 0.4 percent during May, according to two major financial news outlets, after a decline of 0.4 percent in April.

National Statistics, the bureau, is scheduled to release the data at 8:30 A.M., GMT; as such, the report is likely to dominate European morning currency trading, at least until the Bank of England announces its interest rate decision.

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According to forex analysis, if the report shows lower-than-expected growth, or even a decline, GBP/USD could be pushed down toward support around Wednesday’s low, 1.5081

Should the data show greater-than-forecast growth, however, the data could very well lift the currency pair toward resistance around the high of February 23, 1.5575.

 

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