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Forex pairs in this Article » GBP/USD
FXstreet.com (London) - GBP/USD had been well supported in Europe with the UK construction PMI surprising to the upside.

This data reinforced the trend of strong UK releases lately. The BoE on Thursday is going to b main UK event for the week, where there is still the risk that the Bank attempts to push back on market expectations for the timing of an eventual rate hike. Then the US payrolls will be in focus and will be make or break for September tapering, according to Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities. “…with 100k being the key threshold.”

GBP/USD eyes June highs

Karen Jones, chief strategist at Commerzbank said that GBP/USD is attempting to hold over the 1.5460 2 month up channel. “Intraday rebounds are expected to struggle circa 1.5605 (April high). While capped here the market remains directly offered and the uptrend at 1.5460 exposed. Above 1.5605 will force us to the sidelines as this will suggest a retest of the 1.5716/52 – the recent high and the high made in June”. The 20 DMA is 1.5544, the 50 DMA is 1.5543 and the 200 DMA is 1.5504. RSI (14) reads 42.18. Supports are ascending from 1.5373, 1.5427, 1.545,8 1.5507. Spot is 1.5535 while resistances are 1.5607, 1.5612, 1.5638 and 1.5677.
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