Forex: GBP/USD flattens on the NY opening

FXstreet.com (Barcelona) - The profit taking seen on the London opening pulled the GBPUSD to the 1.6111 low, near yesterday's opening, but the pair was able to retrace by the end of the morning ahead of the US retail sales and PPI data, printing a high at 1.6154. As the New York equity markets open, the GBPUSD flattened to 1.6135.

In general, the US data came in lower than expected, with PPI (YoY) easing from 2.3% to 1.5% in November (consensus of 1.8%) and Retail Sales (MoM) rising 0.3% in November (consensus of 0.5%). Earlier in the UK, the Orders survey provided by CBI Industrial Trends beat consensus by improving from -21 to -12 in December, instead of coming in at -16.

"The GBPUSD pair surged over 1.61 and is finding short term support around 1.6080 level", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to the next upside target at 1.6140, followed by the 1.6175 major resistance.