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Forex: GBP/USD hangs at 100-day MA after UK data

By FXstreet.com,  January 04, 2013, 05:10:00 AM EDT

FXstreet.com (Barcelona) - The GBP/USD has been declining since the start of the year and is resuming that momentum today. The London session allowed a sharper fall, taking the pair down to 1.6035 low after the release of UK data.

UK Markit Services PMI turned contractionary in December, from 50.2 to 48.9, and disappointed a rising consensus to 50.5. UK monthly supply and net lending to individuals came in worse than expected in November, at -0.2% and £-0.1B, respectively. Consumer credit rose £0.1B.

The market bounced to 1.6045, being the 100-day moving average. "Given that the market has recently failed to register a close above the 1.6300/07 resistance (the September high, April high and the high from November 2010), we suspect rallies will remain relatively tepid", wrote Commerzbank analyst Karen Jones, expecting interim resistance at 1.6216/52 ahead of 1.6310, and a slide back to the 1.5934 7-month uptrend.




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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