2 Jul 2013
Flash: What does the GBP/USD have to offer? – Commerzbank and UBS
FXstreet.com (Edinburgh) - The pound is now hovering over the key mark at 1.5200 on Tuesday, after softer than expected Construction PMI dragged the GBP/USD to test fresh lows near 1.5190. It will be a key week for the sterling, as the BoE will hold its monthly gathering (Thursday) following the relevant Services PMI print (Wednesday).
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “still consolidates but over the next few days nonetheless targets the support line at 1.5086 and slightly longer term the 1.5009 May low and then the 1.4832 March low”.
The Swiss lender UBS remains neutral on the cross, with Strategists G.Yu and G.Berry suggesting, “Weakness is held by the key support at 1.5183, which was tested on Friday. A closing break below this would be a strong bearish development, exposing 1.5009. Resistance is at 1.5279 ahead of 1.5390”.
According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “still consolidates but over the next few days nonetheless targets the support line at 1.5086 and slightly longer term the 1.5009 May low and then the 1.4832 March low”.
The Swiss lender UBS remains neutral on the cross, with Strategists G.Yu and G.Berry suggesting, “Weakness is held by the key support at 1.5183, which was tested on Friday. A closing break below this would be a strong bearish development, exposing 1.5009. Resistance is at 1.5279 ahead of 1.5390”.