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Forex: GBP/USD above 55 and 100-day MA after UK trade data

By FXstreet.com,  January 09, 2013, 05:00:00 AM EDT

FXstreet.com (Barcelona) - The London session allowed an up move above the 1.6050 line to find a high at 1.6075. There, profit taking is pulling the GBP/USD back to a flat price on a daily chart, around 1.6059. The pair is being held by the 55-day moving average, at 1.6063, and the 100-day MA slightly below, at 1.6056.

UK Goods Trade deficit narrowed from £-9.487B to £-9.164B in November, while non-EU data widened by £0.017B to £-4.159B. Both figures disappointed market consensus. Total Trade Balance narrowed from £-3.729B to £-3.466B.

Commerzbank analysts see temporary support at the 6 month uptrend drawn from the July 2012 low, at 1.6022: "While it is likely that this will hold the initial test, we now favor a break lower to the 1.5830 November low (1.5863/38 is also the location of the 55 and 200 week ma and failure here will be regarded as key)", wrote analyst Karen Jones.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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