Forex: GBP/USD above 55 and 100-day MA after UK trade data
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GBP/USD
FXstreet.com (Barcelona) - The London session allowed an up move above the 1.6050 line to find a high at 1.6075. There, profit taking is pulling the GBPUSD back to a flat price on a daily chart, around 1.6059. The pair is being held by the 55-day moving average, at 1.6063, and the 100-day MA slightly below, at 1.6056.
UK Goods Trade deficit narrowed from £-9.487B to £-9.164B in November, while non-EU data widened by £0.017B to £-4.159B. Both figures disappointed market consensus. Total Trade Balance narrowed from £-3.729B to £-3.466B.
Commerzbank analysts see temporary support at the 6 month uptrend drawn from the July 2012 low, at 1.6022: "While it is likely that this will hold the initial test, we now favor a break lower to the 1.5830 November low (1.5863/38 is also the location of the 55 and 200 week ma and failure here will be regarded as key)", wrote analyst Karen Jones.
UK Goods Trade deficit narrowed from £-9.487B to £-9.164B in November, while non-EU data widened by £0.017B to £-4.159B. Both figures disappointed market consensus. Total Trade Balance narrowed from £-3.729B to £-3.466B.
Commerzbank analysts see temporary support at the 6 month uptrend drawn from the July 2012 low, at 1.6022: "While it is likely that this will hold the initial test, we now favor a break lower to the 1.5830 November low (1.5863/38 is also the location of the 55 and 200 week ma and failure here will be regarded as key)", wrote analyst Karen Jones.
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