1 Aug 2013
GBP/USD dumps to 1.5134
FXstreet.com (Barcelona) - GBP/USD is losing yet further ground to US data coming in to support the dollar in sensitive market conditions towards the end of this week.
GBP/USD is paring yesterdays lows and the 50% retracement towards 1.5123. Up next is the US jobs report released tomorrow, and the markets will indeed be seeking to position themselves ahead of this number. Meanwhile, we have seen ISM Manufacturing PMI (Jul) come in beating expectations at 55.4 vrs consensus 52.0 and beating a previous reading of 50.9. In addition, the BoE kept policy on hold and didn’t release anything along with their statement. So we will wait and see what the inflation report brings next week, and we may see some adjustment to the pound after what is widely expected to bring some forward guidance arriving with a dovish tone.
GBP/USD to the 50% retracement towards 1.5123.
GBP/USD has sold off to its 50% retracement at 1.5123 noted Karen Jones Head of FICC Technical Analysis at Commerzbank. “This has held the initial test but is regarded as exposed, we look for it to be eroded for losses to the 1.5015 May low then 1.4854/32 support zones. Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. 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 paring yesterdays lows and the 50% retracement towards 1.5123. Up next is the US jobs report released tomorrow, and the markets will indeed be seeking to position themselves ahead of this number. Meanwhile, we have seen ISM Manufacturing PMI (Jul) come in beating expectations at 55.4 vrs consensus 52.0 and beating a previous reading of 50.9. In addition, the BoE kept policy on hold and didn’t release anything along with their statement. So we will wait and see what the inflation report brings next week, and we may see some adjustment to the pound after what is widely expected to bring some forward guidance arriving with a dovish tone.
GBP/USD to the 50% retracement towards 1.5123.
GBP/USD has sold off to its 50% retracement at 1.5123 noted Karen Jones Head of FICC Technical Analysis at Commerzbank. “This has held the initial test but is regarded as exposed, we look for it to be eroded for losses to the 1.5015 May low then 1.4854/32 support zones. Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. Only should 1.5435 be eroded (not favoured) we will have to allow for further upside gains to 1.5551 the 78.6% retracement”.