GBP/USD: Test the support again
The British Pound is now close to its support vs the US dollar
GBPUSD
The British pound does not appear to be recovering against the US dollar and appears to be expecting another round of declines of a few days.
Alternatively, an upside break of the 1.3845 resistance line will confirm the bullish chart pattern with an initial rise targeting late June’s top of the 1.4000 thresholds.
Any further downside will be tested by the stated bullish formation’s support line, around 1.3730. During the fall, June’s low around 1.3785 may act as an intermediate halt.
Economic Calendar (GMT Time)
UK: Composite PMI: 8:30 am
This report measures the activity level of purchasing managers in both sectors.
A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
UK: Services PMI: 8:30 am
The report measures the activity level of purchasing managers in the services sector.
A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
EU: ECB President Lagarde Speaks 9:00 am
As head of the ECB, which sets short-term interest rates, she has a major influence over the value of the euro.
EU: ECB President Lagarde Speaks 11 am
GBPUSDThe British pound does not appear to be recovering against the US dollar and appears to be expecting another round of declines of a few days.
Alternatively, an upside break of the 1.3845 resistance line will confirm the bullish chart pattern with an initial rise targeting late June’s top of the 1.4000 thresholds.
Any further downside will be tested by the stated bullish formation’s support line, around 1.3730. During the fall, June’s low around 1.3785 may act as an intermediate halt.
Economic Calendar (GMT Time)
UK: Composite PMI: 8:30 am
This report measures the activity level of purchasing managers in both sectors.
A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
UK: Services PMI: 8:30 am
The report measures the activity level of purchasing managers in the services sector.
A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
EU: ECB President Lagarde Speaks 9:00 am
As head of the ECB, which sets short-term interest rates, she has a major influence over the value of the euro.
EU: ECB President Lagarde Speaks 11 am
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