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5 Jan 2015
GBP/USD may be sold on recovery – AceTrader
FXStreet (Barcelona) - The AceTrader Team believe that with bids at 1.5240/50 levels and stops above 1.5310/20, selling on recovery seems to the favoured strategy for GBP/USD.
Key Quotes
“Although the British pound resumed its recent losing streak and fell in tandem with euro to a fresh 16-month low at 1.5185 in Australia, price pared its losses and rallied to 1.5320 at Asian open on active-short covering.”
“Renewed buying emerged at 1.5273 ahead of European open and lifted the pair to 1.5320 again before retreating marginally due to the release of poor UK construction PMI data.”
“UK construction PMI came in much weaker-than-expected at 57.6 vs forecast of 59.0.”
“Offers are now seen at 1.5310/20 and more above at 1.5330/40 with stops building up above there whilst initial bids are noted at 1.5240/50, suggesting selling on recovery is still the favored strategy.”
Key Quotes
“Although the British pound resumed its recent losing streak and fell in tandem with euro to a fresh 16-month low at 1.5185 in Australia, price pared its losses and rallied to 1.5320 at Asian open on active-short covering.”
“Renewed buying emerged at 1.5273 ahead of European open and lifted the pair to 1.5320 again before retreating marginally due to the release of poor UK construction PMI data.”
“UK construction PMI came in much weaker-than-expected at 57.6 vs forecast of 59.0.”
“Offers are now seen at 1.5310/20 and more above at 1.5330/40 with stops building up above there whilst initial bids are noted at 1.5240/50, suggesting selling on recovery is still the favored strategy.”