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Currently, the cable is recovering sharply on upbeat UK manufacturing data, after trading around a flat-line following yesterday’s volatile session.
Today at 3:30 am EDT, UK industrial and manufacturing production data both reported improved numbers, despite previous expectations that they remain unchanged. The UK manufacturing output that makes up around 80% of total industrial production recorded a 2.3% monthly growth in May, while industrial output registered a growth of 2.0%. Sterling immediately gained as the pessimistic mood surrounding ‘Brexit’ eased somewhat following the data release.
The major has earlier been supported on the back of broad based US dollar weakness and upbeat Chinese trade data, which showed exports matching the estimated drop and imports witnessing a lesser than expected decline.
Overall, Sterling is increasingly volatile as the June 23 referendum gets closer and polls predict different results. On Monday, two polls reported that the majority favour leaving the EU, which sent the UK currency to the lowest level in 3-weeks against the U.S Dollar. However, the Pound recovered some ground the next day after a couple of new polls showed the “Remain” camp was holding a narrow lead. But for both polls, the lead was just 1%.
Meanwhile, the dollar plumbed to a fresh four-week trough against a basket of currencies on Wednesday. The dollar index, which tracks the greenback against a basket of six rivals, edged down 0.1 per cent to 93.740 after dropping to as low as 93.695, its lowest since May 11.
The US dollar has been tumbling after Federal Reserve Chair Janet Yellen failed to give any hints about the timing of further interest rate hikes, following Friday’s release of shockingly weak US jobs data. A June US rate hike is now out of the question and the focus is whether the Fed provides any hints of a July hike. There are no major US indicators until the Fed’s policy meeting next week, and the dollar is likely to remain bearish until then.
Fig. GBPUSD D1 Technical Chart
The cable is currently seen trading at 1.45327. RSI (14) is hovering around the average level at 52.04, indicating an unclear direction. Parabolic SAR continues signaling an uptrend as the parabolics band is still below the current price. The Stochastic has escaped from the oversold zone, and the %K line is above %D line showing that the bullish trend is in motion. The pair is likely to test the resistance at 1.45737 soon.
Buy Digital Call Option from 1.44776 to 1.45737 valid until 20:00 June 10, 2016