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28 Mar 2013
Forex: GBP/USD bounces back on US data
FXstreet.com (Barcelona) - After finding resistance at 1.5170 area, the GBP/USD fell to 1.5112 low after the release of UK Index of Services that fell -0.2% in January, as expected, following a -0.1% drop in the previous month. Also from the UK was the BOE FPC statement, recommending regular stress testing for UK banks from 2014. Then, support at 1.5120 area pulled the market to the upside and is already trading above 1.5150 after the release of US data.
US Chicago PMI fell from 56.8 to 52.4 in March, below expectations at 56.5. The third reading of the Q4 GDP data in the US points to economic growth by 1.0%, instead of the expected 0.9%. The annualized figure remained at 0.4% growth.
In the week ending at March 24, initial jobless claims rose from 341K to 357K, instead of easing slightly to 340K. Continuing claims eased from 3.077M (revised from 3.053M) to 3.050M, but analysts were expecting 3.043M. The quarterly change of Personal Consumption Expenditures in Q4 was able to beat consensus of an unchanged figure at 1.5% and rose to 1.6%.
“The corrective slide from 1.5260 bottomed at 1.5090 and current intraday bias is positive above 1.5140 minor support”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a break through the 1.5180 crucial level to confirm a reversal at 1.5090 and to set the focus on 1.5330 resistance area.
US Chicago PMI fell from 56.8 to 52.4 in March, below expectations at 56.5. The third reading of the Q4 GDP data in the US points to economic growth by 1.0%, instead of the expected 0.9%. The annualized figure remained at 0.4% growth.
In the week ending at March 24, initial jobless claims rose from 341K to 357K, instead of easing slightly to 340K. Continuing claims eased from 3.077M (revised from 3.053M) to 3.050M, but analysts were expecting 3.043M. The quarterly change of Personal Consumption Expenditures in Q4 was able to beat consensus of an unchanged figure at 1.5% and rose to 1.6%.
“The corrective slide from 1.5260 bottomed at 1.5090 and current intraday bias is positive above 1.5140 minor support”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a break through the 1.5180 crucial level to confirm a reversal at 1.5090 and to set the focus on 1.5330 resistance area.