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8 Mar 2013
Forex: GBP/USD at 1.5030 highs after UK inflation expectations
The GBP/USD got back above the 1.5000 psychological level on London morning flows, erasing losses made during Asian time to as low as 1.4982. The market is currently finding upside opposition at 1.5030.
UK Consumer Inflation Expectations rose from 3.5% to 3.6%. The highligh of the day is US nonfarm payrolls. Consensus points to +160K added jobs in February, slightly increasing January's pace of +157K. The ADP employment figure released this week came in better than expected and prior month's figure was revised higher.
“While above 1.4950 we are unable to rule out a near term rebound (although feel this is now less likely)”, wrote Commerzbank analyst Karen Jones. “We note the Elliot wave count on the daily chart is pointing to a 1.5325 rally ahead of the next leg lower”, she added.
UK Consumer Inflation Expectations rose from 3.5% to 3.6%. The highligh of the day is US nonfarm payrolls. Consensus points to +160K added jobs in February, slightly increasing January's pace of +157K. The ADP employment figure released this week came in better than expected and prior month's figure was revised higher.
“While above 1.4950 we are unable to rule out a near term rebound (although feel this is now less likely)”, wrote Commerzbank analyst Karen Jones. “We note the Elliot wave count on the daily chart is pointing to a 1.5325 rally ahead of the next leg lower”, she added.