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Forex pairs in this Article » GBP/USD (London) - GBP/USD has started the European session pulling away from the overnight low of 1.5201.

The market will focus on US data for the pair today, while regional surveys suggest that ISM manufacturing in June printed back above 50, suggesting that soft patch is coming to an end. It is worth noting, that Mark Carney will become the new BoE governor this morning. In the UK, Markit Manufacturing PMI (Jun) will also be in focus for traders, along with Consumer Credit (May), Mortgage Approvals, and Net Lending to Individuals (MoM).

GBP/USD Bearish Technicals

Saeed Amen, strategist at Nomura, said the technicals are bearish for next week and ranging. He keeps his bearish view. “RSI has continued to drift lower indicating downside momentum is likely to persist.” He explains, with bandwidth coming off, he thinks any move lower will likely be within the range, as opposed to be a big breakout
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