Pound is under pressure

The British pound was under slight pressure because of mixed data on the UK.

• According to published data, production in the manufacturing industry grew by 0.1% in October, which is lower than the previous value of 0.7%.
• The trade balance in October was -10.781 billion pounds, against expectations of analysts at the level of -12.49 billion pounds.
• The trade balance excluding the EU countries amounted to -2.382 billion pounds, against the expected value of -4.286 billion pounds.

After consolidation of the pair GBP/USD above 1.3400, amid positive reports of progress in the Brexit negotiations, the pair managed to demonstrate significant growth, thereby justifying my yesterday’s forecast. See “Pound is Stable: Data on Housing Prices.“

Technical Analysis: Despite some decline, the pair GBP/USD still maintains a positive attitude. One should consider the main support levels at 1.3420; 1.3390; the resistance levels: 1.3520; 1.3545.

Fig. GBP/USD. The current price is $ 1.3467.

Alexander Sivtsov