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Forex: GBP/USD eases from 1.5750 after US factory orders

The market resumes its daily bounce after a strong plunge on Friday to retest support at the 1.5700 psychological level. The GBP/USD has reached 1.5751, so far, just as US factory orders data was released. However, the market is pulling back after disappointing data.

November US factory orders was revised lower from 0.0% to -0.3%, and the December figure came in at 1.8%, below the 2.2% consensus. The market will be trading ahead of Thursday's BoE policy meeting: “For the BoE this week we may have a more interesting meeting than in recent months, with some small expectations around restarting asset purchases”, wrote TD Securities analysts. “We think UK data has been decent enough to keep them on hold still, however, which could inspire a small GBP bounce”, they added.

“I think today the price may grow up a little bit to reach the level of 1.5865 and then move downwards to break the target at 1.5670”, wrote Roboforex.com analyst Igor Sayadov, expecting then a return to 1.5865.

WTI trading at $96.64/bbl

Crude oil’s near-term consolidative range at the 96.50 zone (50% of 94.95/98.22 upleg) was threatened as the negative near-term structure drives the price lower. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The upside remains capped at 90.30/50 area, where the 30 January high, along with 23 August 2012 high and Fib 61.8% expansion of the wave from 84.05 lie.”
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A major focus for the week will be on the ECB, BoE (Thursday) and RBA (Tuesday) meetings this week. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The market is not expecting a change in policy from the ECB and BoE, although Draghi's post-ECB press conference will be closely watched in light of last week's softer bank lending survey.”
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