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Thomson Reuters
Feb 11 - 07:24 AM
GBP/USD - COMMENT-Awful Data Should See GBP/USD End February With A Twist
First appeared on eFXplus on Feb 11 - 05:10 AM

Twists on daily Ichimoku charts are often magnetic, and a string of dire UK data means it's likely the twist at 1.2770-80 on Feb.
25 is visited.
Data have not been traded lately; swings in the pound's value were mainly caused by the churning of those trading technicals.
That suggests data of the magnitude seen today are not factored into the price at all, so neither is the likely negative reaction in rates markets, which should weigh heavily on sterling.
There's no denying the gravity of the data: gross domestic product, industrial production and construction output all came in way below forecast, along with bad news to come with plunging business investment.
As was seen with the 200-DMA, there's a penchant to buy dips ahead the 100-DMA, but the effectiveness of those levels diminishes with each test, and several tests and bad data suggest traders may get caught long and wrong again.

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Source:
Thomson Reuters IFR Markets

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