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Forex Market Updates & Commentary

Forex Market Updates & Commentary

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The GBPUSD falls below 100 hour MA

Posted: 23 Dec 2011 08:09 AM PST

The GBPUSD has fallen below the 100 hour MA this morning and that has led to some selling pressure in the pair. The next target comes in a tthe 1.5618 level which is the 50% of the move up from the December 16th low. Below that level, the 1.5572 to 1.5581 area is the next stop.

In the UK today, they reported sluggish data.  Home loans for home purchases was weaker than expected  and the Index of Services fell by more than expected with a -0.7% decline vs a -0.1% expectations.

On a relative basis today, traders who purchased one standard lot of GBPUSD would not have faired well today versus the other major currency pairs. Only the GBPJPY has fared worse (see chart below). Short on the otherhand, did nicely.

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