1 Jul 2013
GBP/USD stabilizing around 1.5220
Fxstreet.com (Edinburgh) - The pound has now returned to the area of 1.5220, dragging the GBP/USD lower after climbing to fresh highs in the boundaries of 1.5250.
GBP/USD all eyes on Carney
The British economy has confirmed its incipient recovery, after the manufacturing PMI rose to 52.5 in June, exceeding the median and May’s print. New BoE Governor M.Carney will take command of the BoE today, with his first MPC meeting due on Thursday. In the view of BBH Global Currency Strategy Team, “The trend line drawn off the mid-March and late May lows comes in near $1.5080 at the end of next week and additional support is seen near $1.50. Corrective bounces are likely to be capped in the $1.5285-$1.5320 band”.
GBP/USD levels to watch
At the moment the pair is up 0.08% at 1.5220 facing the next resistance at 1.5240 (high May 31) followed by 1.5279 (high Jun.28) and finally 1.5346 (high Jun.27). On the downside, a breach of 1.5183 (low Jul.1) would target 1.5165 (low Jun.28) en route to 1.5111 (low May 30).
GBP/USD all eyes on Carney
The British economy has confirmed its incipient recovery, after the manufacturing PMI rose to 52.5 in June, exceeding the median and May’s print. New BoE Governor M.Carney will take command of the BoE today, with his first MPC meeting due on Thursday. In the view of BBH Global Currency Strategy Team, “The trend line drawn off the mid-March and late May lows comes in near $1.5080 at the end of next week and additional support is seen near $1.50. Corrective bounces are likely to be capped in the $1.5285-$1.5320 band”.
GBP/USD levels to watch
At the moment the pair is up 0.08% at 1.5220 facing the next resistance at 1.5240 (high May 31) followed by 1.5279 (high Jun.28) and finally 1.5346 (high Jun.27). On the downside, a breach of 1.5183 (low Jul.1) would target 1.5165 (low Jun.28) en route to 1.5111 (low May 30).