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GBP/USD slipped below $1.5600

On Thursday the British currency surged by 300 pips following the BoE uneventful meeting and supported by the overall USD depreciation. Today traders took some profit after the yesterday’s rise to $1.5685 and pulled the cable to $1.5560.

UK is scheduled to release consumer inflation expectations and trade balance at 08:30 GMT. Evidently, American non-farm payrolls at 12:30 GMT will be the main market mover for all the USD crosses. Downbeat data could push the sterling higher.

ANZ: In this environment of global financial uncertainty, where the pound can do well given some safe-haven status, that cable's upside may stretch further. If GBP/USD can establish itself above $1.5600, it could target $1.6000 in the short term even if the longer term backdrop to the pound remains worrying

Bank of America: Pound’s gains are corrective, so move to the sidelines and keep looking for a reversal. The highest possible top for GBP/USD is seen at $1.5790. If confirmed, such a top should push the pair towards $1.4780/1.4770.

 

Chart. Daily GBP/USD

GBP
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