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25 Mar 2013
Forex: GBP/USD tumbles to 1.5150 after US data
FXstreet.com (Barcelona) - After the release of the last piece of data in the US, stronger demand of the greenback is sending the GBP/USD down, as it tumbles to 1.5150 line where it’s currently finding some support. Previously, the market had failed to hold the 1.5200 handle after the publication of US Chicago Fed Activity Index.
From 2.2 in February, Dallas Fed Manufacturing Business Index rose to 7.4 in March. The US Chicago Fed Activity Index moved from negative territory at -0.49 (revised from -0.32) in February to 0.44.
“The outlook here is still bullish, for a rise towards 1.5330 area with an initial support at 1.5210 and crucial level at 1.5025 low. Minor intraday resistance is projected at 1.5265”, wrote Deltastock.com analyst Stoyan Mihaylov.
From 2.2 in February, Dallas Fed Manufacturing Business Index rose to 7.4 in March. The US Chicago Fed Activity Index moved from negative territory at -0.49 (revised from -0.32) in February to 0.44.
“The outlook here is still bullish, for a rise towards 1.5330 area with an initial support at 1.5210 and crucial level at 1.5025 low. Minor intraday resistance is projected at 1.5265”, wrote Deltastock.com analyst Stoyan Mihaylov.