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2 May 2013
Forex Flash: GBP/USD primed for a pullback - TDS
FXstreet.com (Barcelona) - The vacant economic calendar in the last European session was only coloured by data out of the UK, where a better than expected manufacturing PMI print boosted the GBP.
According to TDS analysts: "That’s added another step in Cable’s trek higher, to a confluence of resistance at the 50% retrace of the Jan/March move lower, the top of the recent bull channel, and roughly the 100-day moving average. Like most of the big USD driven moves lately, GBPUSD’s 6 consecutive days of gains look a little overdone, and primed for a pullback."
According to TDS analysts: "That’s added another step in Cable’s trek higher, to a confluence of resistance at the 50% retrace of the Jan/March move lower, the top of the recent bull channel, and roughly the 100-day moving average. Like most of the big USD driven moves lately, GBPUSD’s 6 consecutive days of gains look a little overdone, and primed for a pullback."