After good performance of the industrial PMI for Continental Europe, at 9:30 GMT we met the January’s results of the same indicator for the UK. United Kingdom begins 2017 in good health of the industry, but the publication gently slumps – from 56.10 to 55.90 in December.
It should be remembered that in case of UK data those are not the most important, because the industrial sector is not an important factor component of total gross domestic product.
As for the quotation of GBP/USD the price tested yesterday’s highs 1.2590 area and momentarily managed to stand out above the level. However, we returned to the fairly narrow intraday consolidation in the range of less than 50 pips:
In a broader sense we see that cable was trying to carry the continued growth of the session, all the time prevented him, however, resistance from the beginning of the week and pivotal level of M3. If the level of 1.2600 cannot be beaten there will be another opportunity to select a long position at height of earlier pin bar (50% abolition and horizontal level).