GBP/USD drops to fresh 1-month minimums on UK data
On Tuesday, the British pound sagged to fresh one-month minimums against the major American currency, after the issue of gloomy British manufacturing data contributed to worries regarding the actual strength of the British economy.
The currency pair GBP/USD grasped 1.2968 during European morning trade, the pair’s lowest reading since July 11. However, the given pair subsequently consolidated at 1.2978, dropping 0.47%.
Cable was about to find support at 1.2848, the minimum of July 11 as well as resistance at 1.3178, the peak of August 5.
The British Office for National Statistics told manufacturing production slumped by 0.3% in June, somewhat worse than expectations for a 0.2% dip and following a sag of 0.6% a month earlier, that was revised down from an initial 0.5% slump.
On an annualized basis, in June manufacturing production edged up 0.9%, worse than forecasts for a 1.3% leap.
The report also revealed that in June, industrial production went up by 0.1%, in line with forecasts. In June, year-on-year, industrial production soared by 1.6%, matching forecasts.