Forex: GBP/USD consolidates weekly gains on Thanksgiving
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GBP/USD
FXstreet.com (Barcelona) - The GBPUSD is at a plunge during the London afternoon, erasing yesterday's gains and aiming at the 1.5900 psychological level. The pair has been adding gains for five days in a row, from the swing low at 1.5929 and was able to print a high at 1.5979, close to the 1.6000 mark.
The UK released its CBI distributive orders data, from -23 to -21 in November. "So it seems increasingly likely that manufacturing will drag on GDP in Q4, possibly contributing to a "triple-dip". And while the export orders balance picked up from -22 to -15, signs that the recession in the euro-zone is deepening suggest that this improvement is unlikely to be sustained", wrote analyst Samuel Tombs, economist at Capital Economics, adding that today's survey adds to evidence that the worst is not yet over for the UK manufacturing sector.
Deltastock.com analyst Stoyan Mihaylov sees 1.5900 supporting the pair for an upside attempt: "Current outlook is positive above 1.5930 support, for a rise towards 1.6020, en route to 1.6175. Crucial on the downside is 1.5883 low".
The UK released its CBI distributive orders data, from -23 to -21 in November. "So it seems increasingly likely that manufacturing will drag on GDP in Q4, possibly contributing to a "triple-dip". And while the export orders balance picked up from -22 to -15, signs that the recession in the euro-zone is deepening suggest that this improvement is unlikely to be sustained", wrote analyst Samuel Tombs, economist at Capital Economics, adding that today's survey adds to evidence that the worst is not yet over for the UK manufacturing sector.
Deltastock.com analyst Stoyan Mihaylov sees 1.5900 supporting the pair for an upside attempt: "Current outlook is positive above 1.5930 support, for a rise towards 1.6020, en route to 1.6175. Crucial on the downside is 1.5883 low".
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