1 Aug 2013
GBP/USD positioning lower
FXstreet.com (Barcelona) - GBP/USD is losing its form and now eyes the 1.5100 figure ahead of key data.
GBP/USD is down from an initial spike after the FOMC disappointed overnight while the market has started to position its-self ahead of NFP’s tomorrow, US ISM and the UK data today such as market manufacturing PMI and European banks meeting, BoE and ECB.
GBP/USD weighs on downside
Karen Jones, Head of FICC Technical Analysis said that the GBP/USD came under increasing downside pressure yesterday and has sold off to its 50% retracement at 1.5123 – “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”. She added that 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 down from an initial spike after the FOMC disappointed overnight while the market has started to position its-self ahead of NFP’s tomorrow, US ISM and the UK data today such as market manufacturing PMI and European banks meeting, BoE and ECB.
GBP/USD weighs on downside
Karen Jones, Head of FICC Technical Analysis said that the GBP/USD came under increasing downside pressure yesterday and has sold off to its 50% retracement at 1.5123 – “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”. She added that 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”.