Today GBP/USD opened at $1.6403, and made high of $1.6487.Till noon session GBP/USD was traded in the range of 10 pips. GBP/USD decline against Greenback after Manufacturing Production data read 0.0% prior 0.2% and Industrial Production read 0.0% prior 0.3%. GBP/USD declined by 55-60 pips after data release. Manufacturing Production data was flat and Industrial Production declined by 1.1% on October. However, Manufacturing Production was read same as expected in November, 1.2% and in December Â 0.4%. Industrial Production was read 0.9% above expected level of 0.7% in November, were in December was read 0.4% same as expected.
U.K growth is largely depending on Consumer Spending, which has continued decline by last 3 month. However, some other measure should be added to increase growth as only Consumer spending may no longer remain major driver of growth.