Forex: GBP/USD recovers to 1.5869/72 level
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GBP/USD
FXstreet.com (Barcelona) - The beleaguered GBPUSD plummeted to 1.5800 level earlier today, before retracing a nearly 50 pips during European trading Wednesday, surrounding the David Cameron Speech and BOE Minutes events today. After the release of economic data across the United Kingdom, the pair was trading in the region of 1.5869/72 or +0.21% at the time of writing.
In the United Kingdom, the Claimant Count Change (December) came in at -12.1K, beating consensus expectations of 0.0K. Moreover, the Average Earnings including Bonus (3Mo/Year) has climbed 1.5% in November, in line with estimates of +1.5%. Finally, the ILO Unemployment Rate (3M/November) was held at 7.7%, against a consensus of 7.8%.
According to the Dukoscopy Bank Team, "The GBPUSD has easily breached the 200-day SMA at 1.5900 and is rapidly moving towards a 1.5756/47 level, where the monthly S3 intersects the weekly S1. Since the price possesses such a strong bearish impetus, the RSI has already slipped to an oversold zone, as it has a value of 29."
After maneuvering around supports Wednesday, the Mataf.net Analyst Team points to supportive structures at 1.5805, followed by 1.5770, and 1.5731. On the ascension, a break above 1.5879 will lead to resistive measures at 1.5918 and eventually 1.5953.
In the United Kingdom, the Claimant Count Change (December) came in at -12.1K, beating consensus expectations of 0.0K. Moreover, the Average Earnings including Bonus (3Mo/Year) has climbed 1.5% in November, in line with estimates of +1.5%. Finally, the ILO Unemployment Rate (3M/November) was held at 7.7%, against a consensus of 7.8%.
According to the Dukoscopy Bank Team, "The GBPUSD has easily breached the 200-day SMA at 1.5900 and is rapidly moving towards a 1.5756/47 level, where the monthly S3 intersects the weekly S1. Since the price possesses such a strong bearish impetus, the RSI has already slipped to an oversold zone, as it has a value of 29."
After maneuvering around supports Wednesday, the Mataf.net Analyst Team points to supportive structures at 1.5805, followed by 1.5770, and 1.5731. On the ascension, a break above 1.5879 will lead to resistive measures at 1.5918 and eventually 1.5953.
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