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Alert - 16:05 (CET) - Dollar advances against the Sterling
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The contraction on the UK's manufacturing sector, from 41.5 in October to 34.4 in November, prompted the Sterling to lose the gains obtained against the US Dollar last week. The greenback gained 3.10% against the Sterling, at 15:58 (CET).
The GbpUsd is trading at 1.4954 Dollars per Pound. This session, the pair is ranging from 1.4913 to 1.5397. The current price is 400 pips under yesterday's close at 1.5337. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
As the support at 1.5000 (key) was broken, the traders are contemplating the next at 1.4748 (June 18th 2002 low) and 1.4550 (May 17th, 2002 low). The traders are watching the resistances at 1.5483 (November 12th high), 1.5703 (November 11th high) and 1.6000 (key), just in case. However, note that the Sterling has been profit taking from this week's high at 1.5513 dollars.
Checking the daily graphics, the current price is over the 23.60% (1.3701) and under the 38.20% (1.5767) Fibonacci retracement lines. The average volatility per hour is 620 pips and the 60-minute Relative Strenght Index (RSI) is at 16 points, oversold.
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