Back
4 Mar 2013
Forex: GBP/USD retraces losses after touching 1.5000
Having visited the 1.5000 psychological level right after the release of UK PMI Construction, the GBP/USD found there support for a bounce back to its opening price. The pair is currently surrounding the 1.50303/35 area.
The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts. Headlines coming from the Eurogroup meeting could also disturb the pair's price action. Scheduled in the economic calendar is FOMC Yeller's speech at 13:00 GMT and US ISM New York at 14:00 GMT.
"The downtrend has been renewed and with the current resistance at 1.5080 the outlook here is negative, for a slide towards 1.4780 support area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.5225 peak.
The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts. Headlines coming from the Eurogroup meeting could also disturb the pair's price action. Scheduled in the economic calendar is FOMC Yeller's speech at 13:00 GMT and US ISM New York at 14:00 GMT.
"The downtrend has been renewed and with the current resistance at 1.5080 the outlook here is negative, for a slide towards 1.4780 support area", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.5225 peak.