2 Sep 2013
GBP/USD capped near 1.5600
FXstreet.com (Edinburgh) -The sterling has resumed its bullish momentum against the greenback, pushing the GBP/USD to the boundaries of the key handle at 1.5600 on Monday.
GBP/USD boosted by PMI
The recovery in the British economy continues to gather steam after the manufacturing PMI climbed to 57.2 during August, surpassing July’s 54.8, and helping the sterling to partially trim last week’s pullback. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “GBP/USD is attempting to hold over the 1.5444 2 month up channel. Intraday rebounds are expected to struggle circa 1.5550/1.5605. While capped here the market remains directly offered and the uptrend at 1.5444 exposed”.
GBP/USD key levels
At the moment the pair is up 0.30% at 1.5580 and a break above 1.5612 (high Aug.26) would open the door to 1.5638 (high Aug.23) and finally 1.5718 (high Aug.21). On the downside, the initial support aligns at 1.5507 (low Sep.2) followed by 1.5462 (low Aug.30) and then 1.5434 (rising channel base).
GBP/USD boosted by PMI
The recovery in the British economy continues to gather steam after the manufacturing PMI climbed to 57.2 during August, surpassing July’s 54.8, and helping the sterling to partially trim last week’s pullback. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “GBP/USD is attempting to hold over the 1.5444 2 month up channel. Intraday rebounds are expected to struggle circa 1.5550/1.5605. While capped here the market remains directly offered and the uptrend at 1.5444 exposed”.
GBP/USD key levels
At the moment the pair is up 0.30% at 1.5580 and a break above 1.5612 (high Aug.26) would open the door to 1.5638 (high Aug.23) and finally 1.5718 (high Aug.21). On the downside, the initial support aligns at 1.5507 (low Sep.2) followed by 1.5462 (low Aug.30) and then 1.5434 (rising channel base).