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Forex: GBP/USD drops on US ISM non-manufacturing PMI

The GBP/USD couldn't hold any longer and fell from 1.5150/60 zone on the release of US ISM non-manufacturing PMI data as the greenback found more demand. The ISM non-manufacturing PMI rose from 55.2 to 56.0 in February, instead of dropping to 55.0 as expected, surprising investors positively.

Also out was the March IBD/TIPP Economic Optismism (MoM) that was expected to drop from 47.3 to 46.3, but actual data disappointed investors with the figure of 42.2. The GBP/USD is currently trading around 1.5120/30, still edging higher on the day by +0.08%.

Mataf.net analysts point to resistances at 1.5195, 1.5235 and 1.5310. On the downside, supports might be found at 1.5135, 1.5105 and 1.5000.

Forex Flash: EUR/USD buffered by 1.3000 support – RBS

Looking into the weekly charts this morning it’s worth noting that recent price action failed to close the week beneath the important 1.3000 level and has found small support here just as it did at the end of December last year. This recent sell off has been quite aggressive (falling some 5.4% in the last 5 weeks) the last 4 weeks have posted consecutive lower lows and lower highs. According to Technical Strategist William Moore at RBS, “any support level has a lot of downside momentum to stop and around here at 1.3000 is so far proving quite resilient. Beneath there the extended neckline at 1.2896 sits waiting and 1.2730 waits even lower. The bias here is that the market’s slightly oversold here and one of these levels will provide some respite from the downtrend.”
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Forex: EUR/USD hits daily low after ISM

The dollar strengthened versus most competitors during the New York session after a report showed the services sector in the US improved more than expected in February. The ISM non-manufacturing PMI rose to 56 versus 55 expected, printing its highest level in a year.
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