The Sterling traded lower against the greenback but held its ground on the crosses quite well. Flat Economic data provided little support, April Industrial production came in at 0.2% better than the 0.0% forecast and Manufacturing came in at 0.1% slightly better than 0.0% forecast. Looking ahead, Claimant Count Change expected at 8K for May along with the Average Earning Index expected to rise to 4.1% from 4.0%. The April trade Balance is also released with the market expecting a narrowing deficit from -7.4Bln to -7.3Bln.
Tech view:
Pound is expected to be on a mixed note for the day. With the trading range of 1.9480 -1.9620 levels. Good support is seen at 1.9640 levels and key resistance is seen at 1.9650 levels. stochastic and Momentum are seen flat remaining silent on the issue .Currency is also seen trading well below the moving averages.
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