28 Jun 2013
GBP/USD bottoms out and rebounds back to support
FXstreet.com (New York) - The GBP/USD foreign exchange rate collapsed Friday, bottoming out in the 1.5164 region (session low), only to retrace higher in subsequent minutes.
In the United States, the Reuters/Michigan Consumer Sentiment Index (June) was reported at 84.1, beating expectations of 82.8, and compared with 84.5 previously. In addition, the Chicago Purchasing Managers Index (June) came in at 51.6, missing estimates that called for 56.0.
GBP/USD climbs out of earlier hole
Following a recent upheaval and weakness, the GBP/USD is now trading at 1.5185, still entrenched in negative territory at -0.48% despite the 20-pip bounce. “There is a strong support for the GBP/USD at 1.5183; a closing break below this would a strong bearish development, suggesting a neutral intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.
In the United States, the Reuters/Michigan Consumer Sentiment Index (June) was reported at 84.1, beating expectations of 82.8, and compared with 84.5 previously. In addition, the Chicago Purchasing Managers Index (June) came in at 51.6, missing estimates that called for 56.0.
GBP/USD climbs out of earlier hole
Following a recent upheaval and weakness, the GBP/USD is now trading at 1.5185, still entrenched in negative territory at -0.48% despite the 20-pip bounce. “There is a strong support for the GBP/USD at 1.5183; a closing break below this would a strong bearish development, suggesting a neutral intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.