GBP/USD & UK Manufacturing Production: A lower continuation across the board?
Today at 08:30 GMT will be released the UK manufacturing production, where the markets are expecting a rise from -0.5% to 0.0% in the June's reading. During the last months, results for this indicator have been showing a mixed pattern, with the recent two data posting numbers above the expectations, while for April and May, the data was negative. Remind that the BoE recently launched its new easing program and Sterling could be weighted in coming weeks due to the UK economic's slowdown.
Our technical picture for GBP/USD at H4 chart, there is a triangle pattern still in the place and the overall trend is bearish. A below-than-expected reading could send the pair to lower levels and possibly, it can break the bullish trend line from that triangle. The mid-term target to the downside is placed around the 1.2869 level, while to the upside, the zone of 1.3143 is the next objective for bulls.