28 Jun 2013
GBP/USD testing fresh lows around 1.5230
Fxstreet.com (Edinburgh) - The bearishness surrounding the sterling is sharpening on Friday, dragging the GBP/USD to another test of intraday lows in the boundaries of 1.5230.
GBP/USD focused on BoE
The pair would remain under pressure ahead of next week’s BoE MPC gathering, although consensus is tilted for no changes. Further relevant data will come with the final figures of the manufacturing/services/construction PMI for the month of June. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has eroded the top of its cloud, and looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. We target the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low”.
GBP/USD levels to watch
At the moment the pair is losing 0.12% at 1.5239 with the next support at 1.5201 (low Jun.27) ahead of 1.5193 (low Jun.3) and then 1.5184 (61.8% of 1.4832-1.5753). On the upside, a break above 1.5279 (high Jun.28) would open the door to 1.5346 (high Jun.27) and finally 1.5378 (MA30d).
GBP/USD focused on BoE
The pair would remain under pressure ahead of next week’s BoE MPC gathering, although consensus is tilted for no changes. Further relevant data will come with the final figures of the manufacturing/services/construction PMI for the month of June. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has eroded the top of its cloud, and looks set to erode the base of the cloud at 1.5218 and the 61.8% retracement at 1.5183. We target the support line at 1.5079 and slightly longer term the 1.5009 May low and then the 1.4832 March low”.
GBP/USD levels to watch
At the moment the pair is losing 0.12% at 1.5239 with the next support at 1.5201 (low Jun.27) ahead of 1.5193 (low Jun.3) and then 1.5184 (61.8% of 1.4832-1.5753). On the upside, a break above 1.5279 (high Jun.28) would open the door to 1.5346 (high Jun.27) and finally 1.5378 (MA30d).