Forex: GBP/USD retraces gains on London opening
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GBP/USD
FXstreet.com (Barcelona) - The GBPUSD upside on Friday was capped at 1.5967 high just ahead of the London opening, allowing an almost 40-pip tumble to 1.5929 low as the pair retraced back to flatness.
The British Pound didn't react as happily as the euro on the release of the surprising results of the Germany IFO survey, given the decline, and is standing relatively still around 1.5935 after the UK BBA mortgage approvals, up from 31.2K to 33.0K in October, beating consensus of 32.3K.
"Near term strength is viewed as corrective only - we should see failure and a slide back to the 1.5830/1.5770 band of support", wrote Commerzbank analyst Karen Jones, expecting the correction higher to terminate ahead of 1.6061, the 55 day moving average.
The British Pound didn't react as happily as the euro on the release of the surprising results of the Germany IFO survey, given the decline, and is standing relatively still around 1.5935 after the UK BBA mortgage approvals, up from 31.2K to 33.0K in October, beating consensus of 32.3K.
"Near term strength is viewed as corrective only - we should see failure and a slide back to the 1.5830/1.5770 band of support", wrote Commerzbank analyst Karen Jones, expecting the correction higher to terminate ahead of 1.6061, the 55 day moving average.
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