Data on industry in the UK have disappointed investors. Lately the British economy showed strong growth, which contributed to the strengthening of the national currency. Today we have published data showing that industrial production fell by 0.7% in May, which was 1.0% less than the previous figure, and prognosis.
As a result, we saw a decrease in quotations of the British pound. At the same time, it is worth noting that the central event of the week will become decision of the Bank of England and its comments on interest rates on Thursday. On the same day, will be published the data on the trade balance.
Despite the expected decline in prices in the near future, we maintain a medium-term positive outlook for the British pound with the objectives at 1.72 and 1.73.
Wish you the profits!
FXFINPRO Capital Analytical department.