Forex: GBP/USD pressured by weaker UK PMI, low at 1.5810
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GBP/USD
FXstreet.com (Barcelona) - The GBPUSD fell further in reaction to weaker and disappointing UK manufacturing PMI by Markit. Data dropped from 51.2 (revised from 51.4) to 50.8 (consensus of 51.0). After having reached as high as 1.5876 ahead of the figure, the market entered a down move that only found support at 1.5810.
Ahead in the day is the long expected January Nonfarm Payrolls data in the US, at 13:30 GMT. The December figure came in at +155K and January data is expected to see 160K added jobs. US unemployment rate (7.8% expected) and ISM manufacturing PMI (consensus of 50.6) in January will also be published.
A corrective movement may take the pair to 1.5925/80. "Beyond this minor correction we look for a slide back to initially the 61.8% retracement 1.5689 (of the move from June 2012) and then the 2009-2013 support line, this week at 1.5622", wrote Commerzbank analyst Karen Jones, pointing to a longer term target at 1.5271/35, the 2012 low.
Ahead in the day is the long expected January Nonfarm Payrolls data in the US, at 13:30 GMT. The December figure came in at +155K and January data is expected to see 160K added jobs. US unemployment rate (7.8% expected) and ISM manufacturing PMI (consensus of 50.6) in January will also be published.
A corrective movement may take the pair to 1.5925/80. "Beyond this minor correction we look for a slide back to initially the 61.8% retracement 1.5689 (of the move from June 2012) and then the 2009-2013 support line, this week at 1.5622", wrote Commerzbank analyst Karen Jones, pointing to a longer term target at 1.5271/35, the 2012 low.
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