1 Aug 2013
GBP/USD through 1.5200
FXstreet.com (London) - GBP/USD has pierced 1.5200 after PMI came in 4th straight month better than expected, highest since March 2011.
Markit Manufacturing PMI came in at 54.6. These upside surprises are continuing to aid the pound ahead of BoE and this month’s inflation report next week. No one is foresting a cut today but there is a small probability of one. If there isn’t, the pound might get another lift, but this event is likely to be in the absence of guidance so could be a non-event while we wait until the inflation report.
GBP/USD weighs on downside
Supports are ascending from 1.5051, 1.5080, 1.5125, 1.5152 1.5179 Resistances are 1.5220, 1.5270 1.5295 1.5329. Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. If 1.5435 be eroded one might allow for further upside gains to 1.5551 the 78.6% retracement.
Markit Manufacturing PMI came in at 54.6. These upside surprises are continuing to aid the pound ahead of BoE and this month’s inflation report next week. No one is foresting a cut today but there is a small probability of one. If there isn’t, the pound might get another lift, but this event is likely to be in the absence of guidance so could be a non-event while we wait until the inflation report.
GBP/USD weighs on downside
Supports are ascending from 1.5051, 1.5080, 1.5125, 1.5152 1.5179 Resistances are 1.5220, 1.5270 1.5295 1.5329. Intraday rallies are likely to remain capped by the 1.5265/1.5300 band. If 1.5435 be eroded one might allow for further upside gains to 1.5551 the 78.6% retracement.