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Forex pairs in this Article » GBP/USD (Edinburgh) -After another failed attempt to follow through 1.5390, the GBP/USD sparked a correction lower and is trading back to the 1.5360/65 region so far.

GBP/USD keeps the range

The sterling is keeping the range against the greenback ahead of tomorrow’s key GDP release, with market consensus pointing to an inter-quarter expansion of 0.6%. In the opinion of Stephen Gallo, Strategist at BMO, “We think the risks to the consensus forecast of 0.6% QoQ are skewed to the upside, and on the basis that BoE rhetoric may from time to time “turn on a dime”, we suspect that “hot” prints in UK data over the coming two weeks will open the door to speculative bets of GBP appreciation around the August Inflation Report, and for the month of August as a whole as the more aggressive short positions are forced to cover”.

GBP/USD levels to consider

The pair is now advancing 0.01% at 1.5369 with the next resistance at 1.5390 (high Jul.24) ahead of 1.5393 (high Jul.23) and finally 1.5394 (61.8% of 1.5753-1.4814). On the downside, a breach of 1.5346 (low Jul.24) would open the door to 1.5326 (low Jul.23) and then 1.5289 (MA30d).
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