GBP/USD Forecast: Trading the UK services PMI report

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The GBP/USD pair quickly recovered from the moderate weakness in London session on Wednesday to print a daily high of 1.4093. The spot closed at a 6-day high of 1.075 levels. The dismal UK construction PMI did weigh over the pair but failed to keep it below 1.3924 (76.4% Fibo expansion of July 2014 high-April 2015 low-June 2015 high). Consequently, the corrective rally remained intact and gained pace in the NY session on broad based USD weakness. The monthly ADP report in the US also received

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