GBP/USD Forecast: Trading the UK PMI report

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Sterling clocked a fresh 7-year low of 1.3835 on Monday before the corrective forces took control and ensured the spot ended the day higher at 1.3912. USD selling gathered pace in the NY session after the Chicago PMI figure showed the manufacturing sector recession worsened in February. The housing data was weak as well. Still, the pair backed off from 1.3946 to end the day at 1.3912 levels. The spot traded on a front foot in Asia; and now attempting to take out previous day’s high. Eyes UK

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