by SignalFactory · February 6, 2020 | 10:16:53 UTC
gained some intraday traction following the release of UK Services PMI but
fears of a no-deal Brexit and stronger USD prompted some fresh selling at
higher levels, as FXStreet’s analysts Haresh Menghani notes.
“GBP/USD failed to capitalize on its intraday positive move and
witnessed a dramatic turnaround on Wednesday, falling over 110 pips from daily
“The British pound initially gained some positive traction due
to an upward revision of the January UK Services PMI, which came in at 53.9 as
against 52.9 estimated previously.”
“A combination of factors – including a stronger USD and
Brexit-related tensions – kept a lid on any subsequent strength, rather
prompted some fresh selling at higher levels.”
“The USD rallied to two-month tops on the back of upbeat
domestic data, which showed that private-sector employers added 291K new jobs
in January – the best since May 2015. Meanwhile, the US ISM Non-Manufacturing
PMI also came in better than market expectations and edged higher to 55.5 in
January as compared to 55 previous.”
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