GBP/USD ignores UK data, near 1.2750

The Sterling stayed muted following today’s data releases, with GBP/USD testing the 1.2730/40 band.

GBP/USD rebounds from 1.2640

Cable kept the composure despite poor results from the UK’s industrial sector, with industrial production and manufacturing production expanding less than forecasted during April, up 0.2% MoM and 0.2% MoM, respectively.

On the brighter side, the trade deficit shrunk to £10.38 billion during April from March’s deficit at £12.05 billion.

In the meantime, GBP stays under pressure following the results from the UK general elections, all amidst rumours of a potential resignation by Theresa May (already ruled out by her), a delay of the start of Brexit negotiations and the formation of a hung parliament.

Next on tap will be the speech by (still) PM Theresa May, scheduled for 9GMT.

GBP/USD levels to consider

As of writing the pair is losing 0.83% at 1.2723 facing the immediate support at 1.2623 (low Jun.9) followed by 1.2620 (100-day sma) and finally 1.2579 (200-day sma). On the other hand, a breakout of 1.2803 (high Jun.9) would aim for 1.2913 (20-day sma) and then 1.2979 (high Jun.8).