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4 Mar 2013
Forex: GBP/USD closer to last week's low on US session
The plunging post-UK PMI Construction data found support at the 1.5000 psychological level. From there, the GBP/USD retraced all of its losses and started moving higher ahead of the US session and ISM New York. After reaching as high as 1.5072 on the publication, the pair is currently resting a little lower. Last week's low as 1.5074.
For the fourth month in a row, the ISM New York kept the expansionary pace. Rising from 56.7 to 58.8 in February. The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts.
"I think today the price may return to 1.5150; the structure of this ascending movement may be considered as a five-wave one", wrote Roboforex.com analyst Igor Sayadov, open to two scenarios: "According to the main scenario the price may return to the level of 1.5750; an alternative one implies that the pair may renew its minimum one more time".
For the fourth month in a row, the ISM New York kept the expansionary pace. Rising from 56.7 to 58.8 in February. The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts.
"I think today the price may return to 1.5150; the structure of this ascending movement may be considered as a five-wave one", wrote Roboforex.com analyst Igor Sayadov, open to two scenarios: "According to the main scenario the price may return to the level of 1.5750; an alternative one implies that the pair may renew its minimum one more time".