Forex: GBP/USD tumble finds low at 1.5757
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GBP/USD
FXstreet.com (Barcelona) - The British Pound is weaker once again and made its plunging as US jobless claims were released, falling below the 1.5800 handle. The pair eventually found its low at 1.5757 after the publication of the US Markit manufacturing PMI. Currently seen correcting, the GBPUSD has retraced to 1.5787, so far, 0.38% lower on the day.
Markit released its US preliminary manufacturing PMI for January, rising further instead of an expected drop to 53.0. Actual data moved from 54.0 to 56.1. Initial jobless claims dropped again, from 335K to 330K, against 355K consensus.
"In the short-term, the decline is overextended, suggesting that a rebound is likely", wrote MIG Bank analyst Bijoy Kar, pointing to support at 1.5755 (28/08/2012 low).
Markit released its US preliminary manufacturing PMI for January, rising further instead of an expected drop to 53.0. Actual data moved from 54.0 to 56.1. Initial jobless claims dropped again, from 335K to 330K, against 355K consensus.
"In the short-term, the decline is overextended, suggesting that a rebound is likely", wrote MIG Bank analyst Bijoy Kar, pointing to support at 1.5755 (28/08/2012 low).
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