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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - The GBPUSD has jumped 25 pips after the publication of mixed economic data in the United States this morning during American trading. Having bottomed out at 1.6019 (intraday minimum) earlier this morning during the Asian session, the cross has achieved the mark of 1.6090 in these moments, culminating in a sizable gain of +0.28% on the day.

Earlier today in the United States economy, the Producer Price Index (YoY) has grown at a rate of +2.1% in September, against a consensus projection of +1.8%. In addition, the Producer Price Index (MoM) yielded a figure of +1.1% in September, beating expectations of only +0.7%. The Producer Price Index ex food & energy (MoM) also reported a result of +0.0% in September, which missed its estimates of +0.2%. Finally, the Producer Price Index (YoY) came in at +2.3% in September, which also was below its projections of +2.5%.

According to the technical analyst team at ICN.com, "The GBPUSD remains locked in a consolidation pattern between 23.6% and 23.6% Fibonacci levels of the CD leg of our efficient double top harmonic Bat pattern. As such, we believe that it may gather the required bearish momentum at 1.6090-1.6095 to move lower again as the current price behaviors are classified as a correction for the depreciation from 1.6310 zones."

Having already breached its first resistance at 1.6075, ICN.com analysts have isolated additional measures at 1.6100, then 1.6125, and ultimately 1.6165. On the downside, a consolidation back towards the 1.6000 level will lead to supportive levels at 1.5960 and 1.5925.
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