GBP

Industrial Production out at -0.5% from the previous 0.3%.  This was forecast at -0.1%.

Manufacturing Production comes out at -0.5% from the previous 0.4%.  This was forecast at 0.0%.

The GBP took a hit across the board after this poor economic data.

Sterling getting a little bounce from the lows, looking like shorts covering before the UK Industrial Production.

At 4:30 AM, both Industrial and Manufacturing Production is released.  These figures gauge the total value of output produced by factories, mines, utilities, and manufacturers.  Rising data in these releases should prove to benifit the GBP. 

The Industrial Production is forecast at -0.1% from the previous 0.3%.

The Manufacturing Production is forecast at 0.0% from the previous 0.4%.

Sterling and its cross GBP/JPY, getting hammered.

Sterling getting a very strong bounce from its lows as well.

The GBP continued to fall after the Services PMI number displays the weakest data since March 2003 for the UK.

Sterling consolidation pattern playing out as the UK is on Holiday:

Whip saw like move in Sterling as it was strongly offered then before the UK PMI data paid thoroughly. There may have been a leak in the market, after seeing such a quick initial sell then recovery before the number.

Sterling near range resistance as NY comes in shortly. It may respect the range until we have FOMC out later today but anything is possible at these critical levels.

Sterling struggling with a very important, long term level ahead of FOMC. As you can see on the daily chart below, this level is absolutely critical to the pair, should it wish to stay up in these regions. There is considerable interest on either side of the market and we've heard analysts with intelligent arguments for both a higher and a lower Pound that sound reasonable. So keep an eye out for these levels...