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2 Dec 2014
GBP/USD trims yesterday’s gains
FXStreet (Córdoba) - GBP/USD has fallen back below the 1.57 mark Tuesday as the dollar cuts yesterday’s losses against most rivals, while investors adopt a cautious stance ahead of BoE and ECB decisions and the nonfarm payrolls later this week.
Pound was weighed by below expectations UK construction PMI data, as the index fell to 59.4 in November from 61.4 the previous month and below the 61.0 expected. GBP/USD slid below 1.5700 and touched a daily low of 1.5685 in recent dealings.
At time of writing, Cable is trading at 1.5690, 0.23% below its opening price. GBP/USD could find immediate support at 1.5673 (50% Fibo of 1.5584-1.5762), while on the upside, the 20-day SMA is offering dynamic resistance at the 1.5745 area.
Pound was weighed by below expectations UK construction PMI data, as the index fell to 59.4 in November from 61.4 the previous month and below the 61.0 expected. GBP/USD slid below 1.5700 and touched a daily low of 1.5685 in recent dealings.
At time of writing, Cable is trading at 1.5690, 0.23% below its opening price. GBP/USD could find immediate support at 1.5673 (50% Fibo of 1.5584-1.5762), while on the upside, the 20-day SMA is offering dynamic resistance at the 1.5745 area.