The pound fell to fresh five-year lows against the dollar on Tuesday after data showing that U.K. industrial and manufacturing production dropped sharply in November, adding to concerns over the uneven economic recovery. GBP/USD hit lows of 1.4484, the weakest level since June 2010, down from around 1.4527 ahead of the data.The Office for National Statistics said industrial production fell 0.7% in November from the previous month, compared with forecasts for a flat reading. It was the biggest drop since January 2013. Sterling remained under heavy selling pressure amid concerns that the Bank of England will signal that rates are likely to remain on hold for longer after its policy meeting on Thursday. The pound was lower against the euro, with EUR/GBP rising to 0.39% to 0.7494 from 0.7479 earlier.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4530 TARGET 1.4550 1.4580 SL 1.4500
SELL GBP/USD BELOW 1.4480 TARGET 1.4460 1.4430 SL 1.4510
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