1 Jul 2013
GBP/USD steady on US data
FXstreet.com (London) - GBP/USD has been steady on the release of second tier data.
ISM Manufacturing PMI (Jun) was expected at 50.5 and previous 49.5 but came in better than expected 50.9. GBP/USD has continued to hover around in the 1.5220’s since the release. The pace of the market has slowed down in NY after the pair had been shown the greenbacks teeth earlier on in the session, when it dropped to below 1.5200 to trade and find bids at 1.5183. However, if recovered sharply on impressive UK data afterwards. The week ahead will see activity from Carneys first MPC and Job numbers for the US will be in focus.
GBP/USD bearish technicals
Saeed Amen, strategist at Nomura, said the technicals are bearish for this week and ranging. He keeps his bearish view. “RSI has continued to drift lower indicating downside momentum is likely to persist.” He explains, with bandwidth coming off, he thinks any move lower will likely be within the range, as opposed to be a big breakout. His target for the move lower is 1.5125 (just below lower Bollinger band).
ISM Manufacturing PMI (Jun) was expected at 50.5 and previous 49.5 but came in better than expected 50.9. GBP/USD has continued to hover around in the 1.5220’s since the release. The pace of the market has slowed down in NY after the pair had been shown the greenbacks teeth earlier on in the session, when it dropped to below 1.5200 to trade and find bids at 1.5183. However, if recovered sharply on impressive UK data afterwards. The week ahead will see activity from Carneys first MPC and Job numbers for the US will be in focus.
GBP/USD bearish technicals
Saeed Amen, strategist at Nomura, said the technicals are bearish for this week and ranging. He keeps his bearish view. “RSI has continued to drift lower indicating downside momentum is likely to persist.” He explains, with bandwidth coming off, he thinks any move lower will likely be within the range, as opposed to be a big breakout. His target for the move lower is 1.5125 (just below lower Bollinger band).