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27 Mar 2013
Forex: GBP/USD falls on disappointing UK data
FXstreet.com (Barcelona) - The GBP/USD was holding up around 1.5170/80 during early London session as the market traded ahead of the UK data. However, disappointing GDP and current account figures made the pair trip to 1.5130, for now.
The annualized GDP in the UK was actually of 0.2% growth in Q4, instead of the expected 0.3%. The Current Account deficit improved less than expected, from £-15.074B to £-14.037B (consensus at £-12.700B). Not as bad as expected was Total Business Investment, that fell from 3.8% to -0.8% in Q4, beating consensus of -1.2%.
“Extension of pullback from 1.5259 high to 1.5134, keeps the downside vulnerable and sees scope for test of initial supports at 1.5115/00, 1.5115/00, Fib 61.8% of 1.5026/1.5259 upleg / round figure support, as 4h indicators are entering negative territory”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a break above 1.5200 to improve near-term structure and avert downside risk.
The annualized GDP in the UK was actually of 0.2% growth in Q4, instead of the expected 0.3%. The Current Account deficit improved less than expected, from £-15.074B to £-14.037B (consensus at £-12.700B). Not as bad as expected was Total Business Investment, that fell from 3.8% to -0.8% in Q4, beating consensus of -1.2%.
“Extension of pullback from 1.5259 high to 1.5134, keeps the downside vulnerable and sees scope for test of initial supports at 1.5115/00, 1.5115/00, Fib 61.8% of 1.5026/1.5259 upleg / round figure support, as 4h indicators are entering negative territory”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to a break above 1.5200 to improve near-term structure and avert downside risk.