The British pound posted strong depreciation on Friday after price reversed near the resistance level of 1.2975 as expected. The declines came as the UK’s industrial and manufacturing production data was weaker than expected. Industrial output fell 0.1% while manufacturing production declined 0.2% on the month.
The GBPUSD decreased to a 7-day low, closing on Friday at 1.2893. Price action is currently looking to retrace some of those declines but resistance at 1.2900 could likely cap the retracement. This will confirm a decline in GBPUSD towards 1.2800 where support is very likely to be tested.
The GBPUSD decreased to a 7-day low, closing on Friday at 1.2893. Price action is currently looking to retrace some of those declines but resistance at 1.2900 could likely cap the retracement. This will confirm a decline in GBPUSD towards 1.2800 where support is very likely to be tested.
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