The British pound attracted the attention of traders in the European trading session. The GBP/USD pair has shrugged off the pressure that it suffered on Thursday and currently is trading at the level of 1.3150. Earlier, experts predicted that the sterling would recover ahead of publication of the key macroeconomic statistics. According to official reports, the industrial production in the United Kingdom rose by 0.7% in September, hitting the highest level in a year. The annual pace of growth accelerated from 1.8% to 2.5%. The British manufacturing production advanced by 0.7% versus the expected rise of 0.3%. In annual terms, the production increased at a slower pace of 2.7% versus the previous growth of 2.8%. However, this result still indicates a robust development of the sector. Meanwhile, the trade deficit in the United Kingdom narrowed to 11 billion 250 million pounds in September while experts anticpated that the deficit will expand.
However, the rally of the pound is limited today as investors are still concerned over the outcome of the Brexit negotiations. Market participants analyze the meeting of Michel Barnier, the representative of the European Union, and David Davis, who is the Secretary of State for Exiting the European Union. Importantly, British Prime Minister Theresa May set the date for leaving the union. It is the afternoon of March 29, 2019. Though pound's upside is capped, analysts expect the cable to end this trading week in the green zone.