Skip to main content

GBP/USD makes a further move beyond technical resistance

That whole bunch of EU PMI revisions has now been released and it was rather mixed with some beats in Germany and Italy offset by misses from France and Spain. The net upshot is none of this seems to have dented the EUR/USD much right now, give or take a very minor prior relapse. The UK data now awaits at 9.30am GMT. Ahead of this the GBP/USD just now hit a fresh session high at 1.2513, after rising above the noted 1.2501 resistance level. Of course this PMI data could have an impact on the price action. That said, the main game in town for the Pound now this week is the looming BOE policy decision tomorrow (12pm GMT). The prospect of the BOE delivering  0.25% cut remains the consensus. As things currently stand, it seems unlikely such an outcome would have too much of a negative impact on the Pound, as it is pretty much baked-in right now. The chart dynamic continues to point to the potential for more upside ahead of this decision. It will be up to the BOE now, to decide if they want to stamp on that, or not. The GBP/USD is right now at 1.2512
 

Ready to Get Started?

Start here. Join over 3M Libertex users around the world!