The GBP/USD pair is recovering and is moving further away from the local minimum - today, the pound is being pushed up by the statistics.
The British Pound continues to grow on Wednesday. The currency is rather actively moving away from the previous local minimum. The current quotation of the GBP/USD pair is 1.5310. No one is talking about the pound moving above 1.55 yet – there are too many external risks to which investors are not paying attention.
Today's statistics showed that industrial production in the UK in August grew at a remarkable pace and exceeded expectations. Thus, the index of industrial production in August, added 1% m/m (+ 1.9% y/y) against the fall of 0.3% previously. Components of the report show that manufacturing output in August increased by 0.5% against a drop of 0.7% before.
The manufacturing industry is also not especially pleasing. In August, in the UK this area showed a drawdown of 0.8% m/m against a decline of 1.2% in July. Projections suggested that the decline will stop.
Apparently, the external pressure on the segment of the manufacturing industry is still quite high and does not give much room for movement here.
For the British pound, these statistics are generally positive, although they are unlikely to work out to be a long-term supporting factor.
RoboForex Analytical Department