Forex: GBP/USD back at lows as London morning ends

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FXstreet.com (Barcelona) - By the end of the London morning, the GBP/USD came back to where the session opening started off, circa 1.6040. The pair continues lacking direction today, but is currently at loss on the daily chart. Investors retraced gains from 1.6075 high after the release of the UK trade data.

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.

"A break of the resistance at 1.6152 (38.2% retracement from the previous decline) is needed to negate the bearish bias implied by January's sharp decline", wrote MIG Bank analyst Bijoy Kar, pointing to support at 1.6003 (07/12/2012 low).



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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