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Forex: GBP/USD trades after expansionary UK manufacturing PMI

By FXstreet.com,  January 02, 2013, 04:35:00 AM EDT

FXstreet.com (Barcelona) - The "risk on" rally took the GBP/USD up to 1.6382 high as the House of the Representatives voted in favor of a bill to extend tax cuts in the US for the next 10 years, later signed by President Obama. Profit taking saw the pair easing to 1.6320 area, where it still trades at.

The UK manufacturing PMI was just released and moved to expansionary in December. Data jumped from 49.2 to 51.4, beating the relatively unchanged consensus of 49.1. The market isn't moving much yet, but it is looking up at the moment.

Commerzbank analysts see the 1.6300/07 resistance (September high, April high and the high from November 2010) being eroded: "This is a major medium term pivot that is currently being eroded. It suggests further strength to challenge the 1.6452/55 2009-2012 resistance line", 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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