Trader, analyst and instructor with a 6-year experience

GBP/USD extends gains

UK statistics keeps surprising to the upside. On Wednesday May Services PMI came at 54.9, exceeding the 53.0 forecast and up from previous 52.9. As a result, GBP/USD extended the upside to $1.5370, what is nearly the highest level since the middle of May, but that eased to $1.5350.  The pair is testing the levels above the daily Ichimoku.

The next resistance is seen at $1.5370/75 and $1.5390/5400 (100-day EMA). Break above $1.5410 could open the way for growth to $1.5600. Cable is supported at $1.5300/5290, $1.5270 and $1.5220. Meanwhile, Commerzbank analysts still see the current GBP’s strength as a corrective and expect it to be capped at $1.5470 (78.6% retracement). 

Chart. Daily GBP/USD

Scroll to top