9 Jul 2013
GBP/USD drifted above 1.4900
FXstreet.com (Barcelona) - GBP/USD has drifted above 1.4900 while the dollar has been weaker across the board.
GBP/USD has taken back some ground ahead of todays UK data
Alvin Pontoh, Strategist at TD Securities said they see two-sided risks around today’s industrial production report for May, where consensus is looking for a +0.2% M/M gain in total IP, and a +0.4% increase in manufacturing production. “The domestic data has been stronger in the UK, and the surveys and recent momentum are pointing to upside risks. But the global IP data for May has been weaker, and point to a small decline. With UK Q2 GDP estimates all over the map, today’s IP data (as well as the trade data) will give us a key piece of hard data in helping to focus GDP expectations, with another one coming in Friday with construction output”.
GBP/USD technically bearish
Saeed Amen, strategist at Nomura said the technicals bearish for this week and trending. He keeps their bearish view. The RSI continues to fall and at low levels, indicating further downside momentum and Spot has also tested the downside Bollinger band. “Also bandwidth has expanded, suggesting it is in a breakout phase and could see more downside. Our target is 1.4850, where spot traded in March.”
GBP/USD has taken back some ground ahead of todays UK data
Alvin Pontoh, Strategist at TD Securities said they see two-sided risks around today’s industrial production report for May, where consensus is looking for a +0.2% M/M gain in total IP, and a +0.4% increase in manufacturing production. “The domestic data has been stronger in the UK, and the surveys and recent momentum are pointing to upside risks. But the global IP data for May has been weaker, and point to a small decline. With UK Q2 GDP estimates all over the map, today’s IP data (as well as the trade data) will give us a key piece of hard data in helping to focus GDP expectations, with another one coming in Friday with construction output”.
GBP/USD technically bearish
Saeed Amen, strategist at Nomura said the technicals bearish for this week and trending. He keeps their bearish view. The RSI continues to fall and at low levels, indicating further downside momentum and Spot has also tested the downside Bollinger band. “Also bandwidth has expanded, suggesting it is in a breakout phase and could see more downside. Our target is 1.4850, where spot traded in March.”