U.K. CBI industrial trends orders fell unexpectedly last month, industry data showed on Monday. In a report, Confederation of British Industry said that CBI industrial trends orders fell to -17, from -5 in the preceding month. Analysts had expected CBI industrial trends orders to rise to -4 last month.
Rain Newton-Smith, CBI Chief Economist, said: “Manufacturers are optimistic about export prospects and export orders are growing, following the fall in Sterling. However, the weaker Pound is also feeding through to costs, which are rising briskly and may well spill over into higher consumer prices in the months ahead.“
Sterling is currently being traded around 1.2250 handle. Pair is likely to find support around 1.22 handle and resistance near 1.23 area.
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