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4 Feb 2013
Forex: GBP/USD at 1.5725 after UK PMI Construction
A distinctive plunge was seen on Friday, with almost 200-pip range throughout the day, reaching as low as 1.5690. The surrounding area of 1.5700 has been able to offer support several times last week and that seems to be happening now, as the GBP/USD bounces on Monday, with +0.15% of daily gains, at 1.5722.
The market is trading quietly today, hungover by Friday's volatility. January's UK PMI Construction is out, at the same pace of December, at 48.7, disappointing analysts with a consensus of 49.1. EMU Sentix Investor Confidence improved from -7 to -3.9 in February, still not as high as the expected -3.
“Technical correction faces good resistance at 1.5760 zone, Fib 38.2% of 1.5877/1.5684 fall, reinforced by descending 55 day EMA and seen capping for now”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing only to a lift above 1.5800 to sideline near-term bears that aim at 1.5673 and then 1.5600.
The market is trading quietly today, hungover by Friday's volatility. January's UK PMI Construction is out, at the same pace of December, at 48.7, disappointing analysts with a consensus of 49.1. EMU Sentix Investor Confidence improved from -7 to -3.9 in February, still not as high as the expected -3.
“Technical correction faces good resistance at 1.5760 zone, Fib 38.2% of 1.5877/1.5684 fall, reinforced by descending 55 day EMA and seen capping for now”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing only to a lift above 1.5800 to sideline near-term bears that aim at 1.5673 and then 1.5600.