FXstreet.com (Barcelona) - The Sterling has plunged about 100 pips from session high at 1.6048, after worse than expected Industrial production figures, back well below 1.6000, and giving away all the ground taken during the day.

UK Industrial production has declined 2.5% month on month and 11.2% year on year in August, against experts expectations of a 0.3% monthly gain and a 10.2 year on year decline. Manufacturing output has dropped 0.9% on the month and 11.3% year on year; the market consensus was a 0.4% monthly advance and a 9.1% year on year decline.

At the moment of writing, the Pound trades at 1.5940, with next support levels at 1.5925 session low and below here, 1.5880 and 1.5770 (Sept 28 low). On the upside, resistance levels lie at 1.6005/20, and above here 1.6050 intra-day high and 1.6125 (Sept 30 high), and 1.6200.

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