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23 Apr 2013
Forex: GBP/USD tests 1.5200 on UK PSNB
FXstreet.com (Barcelona) - The British Pound is following the EUR downside since the London opening, since 1.5274 to encounter the psychological level at 1.5200 on the release of a wider rise in UK PSNB than expected in March. Following the test of that mark as support, the GBP/USD held above and is currently trading at 1.5215.
UK Public Sector Net Borrowing was expected to rise to £14.000B in March, but came in at £16.747B. February data was revised higher too, from £4.356B to £7.196B. Next in line is UK CBI orders with another fall expected, by -0.14% in March following the -0.15% drop in February.
“Loss of the 1.5190 uptrend is needed to add weight to the idea that the market has resumed its down move”, wrote Commerzbank analyst Karen Jones, pointing then to 1.5028 (the 20th March low)
UK Public Sector Net Borrowing was expected to rise to £14.000B in March, but came in at £16.747B. February data was revised higher too, from £4.356B to £7.196B. Next in line is UK CBI orders with another fall expected, by -0.14% in March following the -0.15% drop in February.
“Loss of the 1.5190 uptrend is needed to add weight to the idea that the market has resumed its down move”, wrote Commerzbank analyst Karen Jones, pointing then to 1.5028 (the 20th March low)