GBP/USD offers at 38.2% of recent fall - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair ends the day with gains, in spite of poor industrial output data in the UK released earlier in the day.

    Key Quotes:

    "According to December figures, Britain had its worst quarter in almost three years by the end of 2015, as manufacturing production fell monthly basis by 0.2%, and 1.7% compared to a year before. Industrial production dropped by 1.1% compared to November, and fell by 0.4% on a year-on-year basis.

    Also, the NIESR GDP estimate showed a 0.4% growth in the three months ending January 2015, after a 0.5% advance in the three months ending in December.

    The pair trades around the 1.4500 figure after being as high as 1.4577, still meeting intraday selling interest in the 1.4520/30 region, where the pair has the 38.2% retracement of its latest weekly decline."
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