Pound breaks technical resistance ahead of BoE - Forex - Futures Magazine
The British pound is the top performing currency against a weaker dollar with the GBP/USD advancing 0.56% at noon in New York. The gains come despite weaker than expected economic data overnight which saw industrial and manufacturing production miss consensus estimates with both sectors contracting at a faster pace than the previous month. Still, hopes of a resolution to the European crisis at this Friday’s EU summit continue to support markets sentiment. It’s worth noting that the bearish risk trade seems to have reached a point of exhaustion with the trade becoming increasingly crowded at these levels. Taking this into account, markets could find scope to move higher as we head into key event risk tomorrow and Friday.
