Forex: GBP/USD re-approaches 1.5800
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GBP/USD
FXstreet.com (Barcelona) - Investors didn't allow the GBPUSD to reach the 1.5800 mark, engaging in profit taking one pip short from it, at 1.5799 high, after the release of US ADP employment and the US scary preliminary GDP Q4 release. Corrective momentum sent the pair to 1.5765. However, it is getting back up.
Investors are now awaiting the FOMC meeting decision, the last big event of the day. However, not much is expected by analysts. "The US central bankers will confirm that they plan to buy bonds worth US$ 85 bn each month. Even though US politicians have recently reduced the fiscal cliff - one of the problems which the Fed has repeatedly pointed out - the FOMC will continue its course", wrote Commerzbank analyst Karpowitz, explaining the trajectory due to still out of reach unemployment rate (6.5%) and inflation (2.5%) targets.
"Further decline is expected as long as the resistance at 1.5893 (21/01/2013 high) holds. An hourly resistance is at 1.5827 (25/01/2013 high)", wrote MIG Bank analyst Bijoy Kar.
Investors are now awaiting the FOMC meeting decision, the last big event of the day. However, not much is expected by analysts. "The US central bankers will confirm that they plan to buy bonds worth US$ 85 bn each month. Even though US politicians have recently reduced the fiscal cliff - one of the problems which the Fed has repeatedly pointed out - the FOMC will continue its course", wrote Commerzbank analyst Karpowitz, explaining the trajectory due to still out of reach unemployment rate (6.5%) and inflation (2.5%) targets.
"Further decline is expected as long as the resistance at 1.5893 (21/01/2013 high) holds. An hourly resistance is at 1.5827 (25/01/2013 high)", wrote MIG Bank analyst Bijoy Kar.
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