- GBPUSD traded higher yesterday and touches the 1.33615 high. There is a crucial bullish trend line formed with support at 1.32220 on the 4-hours chart of GBP/USD.
- Tuesday 10/7/2018 at 08:30 GMT in the UK, the Manufacturing Production for May 2018 will be released, which is forecasted to increase 0.7% (MoM).
GBPUSD levels to watch
The GBPUSD open at 1.32488 and quickly trade below the 20-EMA level of 1.32444 and is now target the 4-hours chart up-trendline support of 1.32220.
Looking at the 4-hours chart, the pair is in a steady uptrend from the 1.30485 low on the 27/6. It recently reach the high of 1.33615 above the 200-SMA.
A successful break above the 1.32769 200-SMA resistance may push the pair towards the 1.33655 4-hours channel resistance. But for now the downside play is on hand as the pair testing support of 1.32220.
Economic Releases to Watch Today
Today, there are a few key releases in the UK, including Industrial and Manufacturing Production (May 2018). The market is looking for an increase in the production, compared to the last time decline. If the actual result is around the forecast, it may well help GBPUSD in moving further higher.
UK Industrial Production for May 2018 (MoM) – Forecast +0.5%, versus -0.8% previous.
UK Manufacturing Production for May 2018 (MoM) – Forecast +0.7%, versus -1.4% previous.
UK Trade Balance non-EU for May 2018 – Forecast Â£-3.60B, versus Â£-5.37B previous.
UK Goods Trade Balance for May 2018 – Forecast Â£-11.950B, versus Â£-14.03B previous.