Never miss a story from Martin Essex

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Martin Essex

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points

- The British Pound now looks set to challenge support rather than resistance after UK data on industrial production, manufacturing output and trade all missed expectations.

- The figures make an interest rate increase less likely and are therefore Pound-negative.

- Check out our brand new Trading Guides: they’re free and have just been updated for the third quarter of 2017

UK data on industrial production, manufacturing output and trade all came in below consensus forecasts Friday, sending GBP/USD lower and EUR/GBP higher. The FTSE 100 index of leading London-listed stocks rose as Sterling fell but then eased back.

These signs of a weaker than expected UK economy make a near-term Bank of England rate increase less likely, although the central bank’s monetary policy committee will no doubt want to see upcoming average earnings and consumer price inflation figures before jumping one way or the other. Still, Pound weakness is likely to persist.

Chart: GBP/USD Five-Minute Timeframe (July 7, 2017)

British Pound Drops on Disappointing Trade and Output Data

Chart by IG

For traders, the key support levels are the 1.26 round number and the 1.2584 low on June 22. These are more likely now to be challenged than the resistance at 1.30 and just above.

You can find all the figures that were released on the DailyFX calendar here.

--- Written by Martin Essex, Analyst and Editor

To contact me, email me at

Follow me on Twitter @MartinSEssex

For help trading profitably, check out the IG Client Sentiment Data