{"id":82609,"date":"2015-12-17T07:07:37","date_gmt":"2015-12-17T12:07:37","guid":{"rendered":"http:\/\/countingpips.com\/?p=82609"},"modified":"2015-12-17T07:07:37","modified_gmt":"2015-12-17T12:07:37","slug":"sterling-moves-lower-as-momentum-turns-negative","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/12\/sterling-moves-lower-as-momentum-turns-negative\/","title":{"rendered":"Sterling Moves Lower as Momentum Turns Negative"},"content":{"rendered":"
December 17, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

The Pound traded lower versus the dollar on Thursday in the wake of the Fed rate hike and the subsequent dovish statement.\u00a0 This comes despite a stronger than expected UK retail sales that revealed a 1.7% month over month gain, against forecast for a rise of 0.6% month over month. The annual rate jumped to 5.0% year over year and October data were revised higher to 4.2% year over year from 3.8% year over year reported initially.<\/p>\n

The Federal Reserve raised their Fed Funds target lending rate by 25 basis points to 25-50 basis points.\u00a0 This was the first rate increase by the Fed in more than 9-years and represents a move toward normalization.\u00a0 2-year U.S. yields rose relative to U.K. yields driving the interest rate differential in favor of the U.S.<\/p>\n

The U.K. CBI industrial trends stronger than expected, with the total orders reading moving up to -7 from -11 and the export orders reading jumping to -18 from -29. Both are still stuck in negative territory, but the numbers are much better than the consensus and a good sign for the overall outlook.<\/p>\n

The GBP\/USD dropped below 1.50 to 1.4923, and poised to test the November lows at 1.4890.\u00a0 Resistance is seen near the 10-day moving average at 1.5079.\u00a0 Momentum has turned negative with the MACD (moving average convergence divergence) index generating a sell signal.\u00a0 This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.\u00a0 The index moved from positive to negative territory confirming the sell signal.<\/p>\n

\"gbp-121715\"<\/a><\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>

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ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime The Pound traded lower versus the dollar on Thursday in the wake of the Fed rate hike and the subsequent dovish statement.\u00a0 This comes despite a stronger than expected UK retail sales that revealed a 1.7% month over month gain, against forecast for a rise of 0.6% month over month. The annual […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-82609","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=82609"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82609\/revisions"}],"predecessor-version":[{"id":82611,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/82609\/revisions\/82611"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=82609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=82609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=82609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}