09.08.201612:49 Forex Analysis & Reviews: Global macro overview for 03/08/20169

Global macro overview for 09/08/2016:

The United Kingdom industrial production data were released this morning and it turned out to be better than expected. Moreover, the data were the strongest by a quarter since 1999, albeit that was before Brexit vote. Nevertheless, the reported number was at the level of 0.1% m/m (1.6% y/y), while the market expected another negative number of -0.1% m/m. The Office for National Statistic reported that transport equipment was the biggest factor behind the quarterly increase in industrial production and very few respondents reported a negative Brexit impact. In conclusion, one quite good report on the UK economy will not change the future negative outlook for this country after all international agreements are settled.

Let's now take a look at the GBP/USD technical picture in the daily time frame. Bears have managed to push the price below the important support at the level of 1.3062 and now it seems that the sell-off might be accelerating towards the level of 1.2849 - 1.2801.