Forex: GBP/USD quickly retraces London gains
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GBP/USD
FXstreet.com (Barcelona) - The gains printed during the London morning ahead of the EMU PMI data were quickly retraced in a plunge back to its daily lows (1.5956), and now trading around 1.5965 ahead of UK CBI distributive orders.
As the Markit figures were released, the GBPUSD reached as high as 1.5979. In the Eurozone, the manufacturing figure rose from 45.4 to 46.2 in November (consensus of 45.5), while the Services PMI softened from 46.0 to 45.7 (consensus of 46.0), leaving the PMI Composite little higher, from 45.7 to 45.8, in line with expectations. Both French and Germany manufacturing figures surprised to the upside, with services data coming mixed. The non-EU trade balance in Italy moved from a ¬-0.594B deficit to a ¬1.47B surplus in October.
UBS analysts are neutral: "Resistance is at 1.6002 ahead of 1.6043", wrote analyst Geoffrey Yu, pointing to support at 1.5883 ahead of 1.5829.
As the Markit figures were released, the GBPUSD reached as high as 1.5979. In the Eurozone, the manufacturing figure rose from 45.4 to 46.2 in November (consensus of 45.5), while the Services PMI softened from 46.0 to 45.7 (consensus of 46.0), leaving the PMI Composite little higher, from 45.7 to 45.8, in line with expectations. Both French and Germany manufacturing figures surprised to the upside, with services data coming mixed. The non-EU trade balance in Italy moved from a ¬-0.594B deficit to a ¬1.47B surplus in October.
UBS analysts are neutral: "Resistance is at 1.6002 ahead of 1.6043", wrote analyst Geoffrey Yu, pointing to support at 1.5883 ahead of 1.5829.
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