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5 Aug 2013
GBP/USD holding above 1.530
FXstreet.com (London) - GBP/USD remains bid in the opening ours of the London session, pushing towards 1.5315.
GBP/USD is trading over a big figure higher since the Friday close after a busy week of volatility and economic data flows. Today we see ISM Non-Manufacturing PMI (Jul) in the afternoon and consensus there is for a slight improvement to 53.0.
GBPUSD bearish bias
Karen Jones, Head of FICC Technical Analysis at Commerzbank said GBP/USD charted an outside day to the topside on Friday, eroding some of last weeks losses. “However no resistance of note has been dislodged and for now we will maintain a negative stance. Loss of 1.5100 would suggest further losses to the 1.5015 May low then 1.4854/32 support zones. Intraday rallies are likely to remain capped by the 1.5356 resistance line and only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.
GBP/USD is trading over a big figure higher since the Friday close after a busy week of volatility and economic data flows. Today we see ISM Non-Manufacturing PMI (Jul) in the afternoon and consensus there is for a slight improvement to 53.0.
GBPUSD bearish bias
Karen Jones, Head of FICC Technical Analysis at Commerzbank said GBP/USD charted an outside day to the topside on Friday, eroding some of last weeks losses. “However no resistance of note has been dislodged and for now we will maintain a negative stance. Loss of 1.5100 would suggest further losses to the 1.5015 May low then 1.4854/32 support zones. Intraday rallies are likely to remain capped by the 1.5356 resistance line and only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.