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20 Jun 2013
GBP/USD disinterested following improving EU PMI numbers
FXstreet.com (Barcelona) - GBP/USD has shown little movement in the immediate aftermath of improving EU PMI data.
Having declined sharply following yesterdays Bernanke Press Conference, GBP/USD stabilised overnight, mildly drifting lower to find support around 1.5425. The pair has been largely disinterested with the mornings docket of data which has seen German PPI and Swiss Trade balance data disappoint and the SNB hold rates at 0%.
EU Manufacturing PMI has come in at 48.7 ahead of expectations of 48.6, Services PMI beat forecasts at 48.6/47.5, and the PMI Composite improved too at 48.9 against expectations of 48.1. While all numbers showed an improvement, it is worth noting they they remain below the 50 expansion/contraction benchmark. Ahead, UK Retail Sales are released at 08:30 GMT.
GBP/USD technicals slightly bearish
Hourly technical oscillators remain in oversold territory, with RSI at 27 and Stochastics at 5. Hourly MA´s hold a bearish bias across lengths. Below, support can be found at the Fibonnaci S2 at 1.5397, and S3 and 1.5310. Ahead, resistance lies at S1 1.5451 and the daily pivot at 1.5538.
Having declined sharply following yesterdays Bernanke Press Conference, GBP/USD stabilised overnight, mildly drifting lower to find support around 1.5425. The pair has been largely disinterested with the mornings docket of data which has seen German PPI and Swiss Trade balance data disappoint and the SNB hold rates at 0%.
EU Manufacturing PMI has come in at 48.7 ahead of expectations of 48.6, Services PMI beat forecasts at 48.6/47.5, and the PMI Composite improved too at 48.9 against expectations of 48.1. While all numbers showed an improvement, it is worth noting they they remain below the 50 expansion/contraction benchmark. Ahead, UK Retail Sales are released at 08:30 GMT.
GBP/USD technicals slightly bearish
Hourly technical oscillators remain in oversold territory, with RSI at 27 and Stochastics at 5. Hourly MA´s hold a bearish bias across lengths. Below, support can be found at the Fibonnaci S2 at 1.5397, and S3 and 1.5310. Ahead, resistance lies at S1 1.5451 and the daily pivot at 1.5538.