GBP/USD Sidelined Below 1.45 Ahead of Data

GBP/USD Sidelined Below 1.45 Ahead of Data

1 June 2016, 08:11
Roberto Jacobs

GBP/USD Sidelined Below 1.45 Ahead of Data

The sterling is trading almost unchanged vs. the greenback on Wednesday, with GBP/USD navigating the 1.4480/85 band so far.

GBP/USD focus on UK data

The pair is posting meager gains today following yesterday’s drop from the area above the 1.4700 handle in response to a pick up in the demand for the US dollar.

The 1.4700/50 band have proved to be a tough hurdle for GBP for the time being, where sellers seem to be clustered ahead of the key level at 1.4770 and 2016 highs at 1.4815 recorded in January.

Ahead in the session, UK’s Manufacturing PMI will take centre stage seconded by BoE’s Consumer Credit, Mortgage Approvals and M4 Money Supply. In the US docket, the ISM Manufacturing will grab all the attention followed by Markit’s Manufacturing PMI.

GBP/USD levels to consider

As of writing the pair is up 0.01% at 1.4494 and a breakdown of 1.4399 (55-day sma) would aim for 1.4342 (100-day sma) and then 1.4330 (low May 16). On the flip side, the next hurdle aligns at 1.4744 (high May 26) ahead of 1.4749 (200-day sma) and then 1.4770 (high May 3).


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