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GBP/USD wobbles near 1.4700 on PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound remains on the defensive today, dragging GBP/USD to the 1.4695/90 band so far.

    GBP/USD muted post-PMI

    The pair is extending its negative performance on Tuesday, retreating for the second session in a row and returning to sub-1.4700 levels in spite of the better-than-expected Construction PMI in the UK economy, coming in at 57.8 in December vs.56.0 expected and up from November’s 55.3.

    The risk appetite trends will remain the most important drivers for the pair’s price action ahead in the day, as the US calendar will only include second-tier data.

    GBP/USD important levels

    The pair is now retreating 0.25% at 1.4687 and a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5089 (55-day sma).
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