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2 Dec 2014
GBP/USD in lows around 1.5640
FXStreet (Edinburgh) - The sterling keeps the lower bound of the intraday range vs. the greenback, with GBP/USD hovering over 1.5645/40 so far.
GBP/USD focus on PMI, Autumn Forecast Statement
The pair could never leave the red territory on Tuesday, following the rest of the riskier assets against a backdrop of renewed USD strength. Tomorrow will be quite interesting a session for the pound, as the always relevant Services PMI is due for the month of November (56.5 exp.) preceding the Autumn Forecast Statement. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “the weekly chart saw a bear flag pattern triggered, indicating that after some consolidation within 1.56 – 1.58 there will be a resumed downside pressure to 1.52”.
GBP/USD levels to watch
The pair is now retreating 0.63% at 1.5638 with the next support at 1.5585 (2014 low Dec.1) ahead of 1.5564 (low Sep.6 2013) and then 1.5556 (low Sep.4 2013). On the upside, a break above 1.5756 (21-d MA) would target 1.5762 (high Dec.1) en route to 1.5826 (high Nov.27).
GBP/USD focus on PMI, Autumn Forecast Statement
The pair could never leave the red territory on Tuesday, following the rest of the riskier assets against a backdrop of renewed USD strength. Tomorrow will be quite interesting a session for the pound, as the always relevant Services PMI is due for the month of November (56.5 exp.) preceding the Autumn Forecast Statement. In the opinion of Dmytro Bondar, Technical Analyst at RBS, “the weekly chart saw a bear flag pattern triggered, indicating that after some consolidation within 1.56 – 1.58 there will be a resumed downside pressure to 1.52”.
GBP/USD levels to watch
The pair is now retreating 0.63% at 1.5638 with the next support at 1.5585 (2014 low Dec.1) ahead of 1.5564 (low Sep.6 2013) and then 1.5556 (low Sep.4 2013). On the upside, a break above 1.5756 (21-d MA) would target 1.5762 (high Dec.1) en route to 1.5826 (high Nov.27).