Forex: GBP/USD tries to keep above 1.5980
Forex pairs in this Article »
GBP/USD
FXstreet.com (Barcelona) - The GBPUSD has been under strong pressure today, losing 100 pips as it dived from 1.6080 zone across the chart and throughout the trading day towards 1.5980 area. The pair printed its low at 1.5974 in a plunge that breached below the 1.6000 psychological level. Ever since then, the market has been holding up there, but hasn't bounced yet.
The Housing Market Index by NAHB was expected to make a slight upward movement from 47 to 48 in January, but actual data remained still at 47. Industrial Production rose 0.3% in December, in line with expectations, capacity utilization was published as the upside surprise. Capacity utilization was expected to move a little higher, from 78.4% to 78.5% in December, but actual data has beaten market consensus by rising to 78.8%.While total net TIC flows rose from $-56.7B (revised from $-58.9B) to $27.8B in November, net long-term TIC flows jumped from $1.3B (revised from $-1.0B) to $52.3B, beating market consensus of $14.8B.
The annualized headline CPI eased from 1.8% to 1.7%, taking analysts by surprise as they expected an unchanged figure. Excluding food and energy, data rose 0.1% on the month, lower than the 0.2% consensus.
"The GBPUSD currency pair continues a correction. Today, in my opinion, the price may return to the level of 1.6080 and then form one more descending structure to reach the level of 1.6010", wrote Roboforex.com analyst Igor Sayadov, expecting the market to ascend and target 1.6190 then.
The Housing Market Index by NAHB was expected to make a slight upward movement from 47 to 48 in January, but actual data remained still at 47. Industrial Production rose 0.3% in December, in line with expectations, capacity utilization was published as the upside surprise. Capacity utilization was expected to move a little higher, from 78.4% to 78.5% in December, but actual data has beaten market consensus by rising to 78.8%.While total net TIC flows rose from $-56.7B (revised from $-58.9B) to $27.8B in November, net long-term TIC flows jumped from $1.3B (revised from $-1.0B) to $52.3B, beating market consensus of $14.8B.
The annualized headline CPI eased from 1.8% to 1.7%, taking analysts by surprise as they expected an unchanged figure. Excluding food and energy, data rose 0.1% on the month, lower than the 0.2% consensus.
"The GBPUSD currency pair continues a correction. Today, in my opinion, the price may return to the level of 1.6080 and then form one more descending structure to reach the level of 1.6010", wrote Roboforex.com analyst Igor Sayadov, expecting the market to ascend and target 1.6190 then.
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