GBP/USD: technical update
On Monday GBP/USD is trading in the positive territory, rebounding from $1.5180 to $1.5250. Sterling was supported by a stronger-than-expected UK PMI (52.5 vs. expected 51.3 and previous 51.5). The forthcoming week will be important for the pound as on Thursday Marc Carney will hold his first BoE policy meeting.
Key short-term support is seen at $1.5170 (78.6% Fibonacci), while resistance - at $1.5280 (julne 28 high).
Commerzbank: We look for intraday rallies to remain capped by $1.5375/1.5440 for an immediate downside bias to be maintained.
RBS: $1.5000/5200 is a buy zone for different types of investors. If this fails to hold and we start printing closes below $1.5000, the outlook would be far more bearish.
Chart. Daily GBP/USD