3 Sep 2013
GBP/USD drifting higher for a 3rd session after rough 2 weeks; 1.5587 key hurdle
FXstreet.com (Barcelona) - After about seven sessions of relentless selling, the GBP/USD is now on its third session of modest gains. A close above 1.5587 is needed to give this rally legs.
GBP/USD traders looking to British PMI and US’s ISM data for guidance
GBP/USD bulls will have to get some help either from British Construction PMI or the US ISM Manufacturing Index Tuesday to take out what could be very substantial resistance at 1.5587. If neither of those data points has enough punch, traders can wait until later this week when the Bank of England makes their rate decision and issues their policy statement and/or for the US monthly employment report.
Technical outlook for GBP/USD
As noted above, technicians say the key level to monitor in the short-term for GBP/USD is 1.5587. A close above that level may lead to a test of the recent highs at 1.5717. Short-term support for the cross comes in at yesterday’s pivot of 1.5530 and is followed by Friday’s pivot of 1.5461.
GBP/USD traders looking to British PMI and US’s ISM data for guidance
GBP/USD bulls will have to get some help either from British Construction PMI or the US ISM Manufacturing Index Tuesday to take out what could be very substantial resistance at 1.5587. If neither of those data points has enough punch, traders can wait until later this week when the Bank of England makes their rate decision and issues their policy statement and/or for the US monthly employment report.
Technical outlook for GBP/USD
As noted above, technicians say the key level to monitor in the short-term for GBP/USD is 1.5587. A close above that level may lead to a test of the recent highs at 1.5717. Short-term support for the cross comes in at yesterday’s pivot of 1.5530 and is followed by Friday’s pivot of 1.5461.