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Forex: GBP/USD drawn to highs on NY session

FXstreet.com (Barcelona) - Following the disappointing UK CBI realized trades, the GBP/USD fell from 1.5288 high but gains were supported at 1.5255 after the US durable goods orders report. Then, the bouncing movement during the NY opening allowed a move to 1.5283, which is now under a profit taking process at 1.5270 (+0.20% on the day).

US durable goods fell by -5.7% in March, instead of only -2.8% as expected. February data was revised lower, from 5.6% to 4.3%. Data excluding transportation was also disappointing, down by -1.4% (consensus of +0.5%) and downward revision from -0.7% to -1.7% in February.

Market consensus was expecting better weather in April to help the CBI realized trades to outperform yesterday’s industrial survey, rebounding after 4 declining months in a row, but the figure fell to -1 instead of rising from 0 to 7. Earlier, UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.

In the week ending at April 19, US mortgage applications in the US rose by 3.9%, slowing the pace from the 4.8% obtained in the week before.

“We think, today the price may reach the target at 1.5190 and form an ascending structure to test the level of 1.5284 from below”, wrote Roboforex.com analyst Igor Sayadov. “Later, in our opinion, the pair may move downwards to reach the level of 1.5161 and, thus, complete this correction”, he added, expecting then a new ascending wave towards the target at 1.5615.

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