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28 Feb 2013
Forex: GBP/USD erasing daily gains after US data
The GBP/USD has been erasing its daily gains little before the release of US data. While the annualized GDP Q4 growth was even worse than expected, of 0.1% instead of 0.5%, quarterly data rose 0.9% instead of 0.6%. That and improving jobless claims send the pair down to 1.5159, almost to the opening price of 1.5157, as the NY session started.
More greenback strength is being felt after the US chicago PMI: it was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
“The GBP/USD currency pair is trying to start the third ascending impulse”, wrote Roboforex.com analyst Igor Sayadov. “I think today the price may finish this impulse near the level of 1.5230 and then return to the level of 1.5130”, he added.
More greenback strength is being felt after the US chicago PMI: it was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.
“The GBP/USD currency pair is trying to start the third ascending impulse”, wrote Roboforex.com analyst Igor Sayadov. “I think today the price may finish this impulse near the level of 1.5230 and then return to the level of 1.5130”, he added.