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Politics continues to pressure the pound

Market Analysis

GBPJPY, H1

The vital UK Services PMI number significantly underwhelmed at 53.8 when exceptions were for 55.20.  A weak set of data included, slowing business activity, a sharp and increasing rise in prices and subdued job creation. However, it i sthe  sixteenth consecutive month with a reading north of 50.0 (showing a growing sector) its just the rate of growth slowed significantly during November.

Earlier the Eurozone Services PMI’s were in line and showed growth in the four key economies and a 17 year high for job creation and increasing prices across all the EUR services sector.

EURGBP pivots around 0.8828 from an earlier high of 0.8865 and a session low under 0.8800. GBPJPY fell to the lower Bollinger band and a support zone of the 200 period moving average at 150.36, resistance on the H1 chart is initially at the cluster of fractal lows at 151.20 and then the 20 period moving average at 151.55 and the next group of fractal highs at 151.90.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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