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Forex: GBP/USD weakens after UK trade data

By FXstreet.com,  August 23, 2012, 06:11:00 AM EDT

FXstreet.com (Barcelona) - The realized distributive trades declined by -3% in August after having risen by +11% in the previous month. Data was much disappointing since Reuters median forecast was signaling a +16% improvement.

The release of the UK data is pressuring the already pronounced decline seen since 1.5913 high obtained just ahead of the London opening. The GBP/USD trades at 1.5870. Mortgages applications by BBA had already been published, rising more than expected to 28.4K in July.

"A new high has been reached at 1.5912 and the pair is ready to enter a larger consolidation pattern, before next wave upwards, to 1.60+", wrote Deltastock.com analyst Stoyan Mihaylov, with a negative intraday outlook targeting 1.5820, "en route to a tight test of 1.5760-80".




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

Referenced Stocks:



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