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5 Mar 2013
Forex: GBP/USD eases from highs, around 1.5150
On stronger UK Services PMI data, the GBP/USD rocketed to 1.5198 high, but the profit taking stage has retraced 50 pips of daily gains already. The market is currently quoting around 1.5150 as the London morning ends. Investors will be pricing in expectations ahead of US ISM non-manufacturing PMI.
The UK Services PMI revealed a final reading of 51.8 in February, higher than the expected 51.0 and the previous reading of 51.5.
“Yesterday's break above 1.5080 resistance has neutralized the negative outlook and current intraday bias is positive above 1.5080 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing only to a break through 1.5220 on the higher frames to signal that a bottom is already in place at 1.4984.
The UK Services PMI revealed a final reading of 51.8 in February, higher than the expected 51.0 and the previous reading of 51.5.
“Yesterday's break above 1.5080 resistance has neutralized the negative outlook and current intraday bias is positive above 1.5080 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing only to a break through 1.5220 on the higher frames to signal that a bottom is already in place at 1.4984.