GBP/USD – bears in control ahead of UK data releases
Broad based USD weakness isn’t helping the British Pound at all as traders continue to unload GBP positions on fears of Hard Brexit.
Despite Tuesday’s rebound from 1.2104… the subsequent failure at 1.2198 in the Asian session today followed by a fall back to 1.2157 suggests the bears remain in control and could take the pair well below 1.2083 (Oct 25 low).
Sterling could be in for a worst beating in case the dollar demand strengthens following Trump’s speech later today.
Data to be released today
UK industrial production is seen rising 0.6% y/y and manufacturing production is seen rising 0.4% y/y in November.
Despite Tuesday’s rebound from 1.2104… the subsequent failure at 1.2198 in the Asian session today followed by a fall back to 1.2157 suggests the bears remain in control and could take the pair well below 1.2083 (Oct 25 low).
Sterling could be in for a worst beating in case the dollar demand strengthens following Trump’s speech later today.
Data to be released today
UK industrial production is seen rising 0.6% y/y and manufacturing production is seen rising 0.4% y/y in November.
