Technical: GBP/USD traded higher last week as the BOE left rates unchanged and the United States reported mixed economic data. The week began with Cable making its weekly low of 1.5505 on Monday before consolidating at a higher level after UK Manufacturing PMI came out with a reading of 57.2, versus an expected reading of 55.2. The pair continued higher on Tuesday after UK Construction PMI came out at 59.1, versus 58.4 expected, and the BRC Retail Sales Monitor, which increased by +1.8% y/y, versus a previous reading of +2.2%. Cable continued gaining on Wednesday after UK Services PMI came out with a reading of 60.5, versus 59.3 expected. The pair then declined on Thursday after the BOE left the Official Bank Rate and Asset Purchase Facility unchanged at 0.50% and 375B respectively. Cable then traded higher on Friday, making its weekly high of 1.5679 after a lower than expected U.S. Non-Farm Payrolls number and despite UK Manufacturing Production increasing only +0.2% m/m, versus +0.3% expected and the Halifax HPI increasing +0.4% m/m, versus +0.7% expected. GBP/USD closed at 1.5629, with an overall weekly gain of +0.8%. #iktrust #forex #signal #fx
Posted on: Mon, 09 Sep 2013 02:40:58 +0000
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