GBP/USD: forecast for September 7-13

KIra Iukhtenko

British pound extended the decline on the past week, hitting the lowest levels since June. The latest news from the United Kingdom disappoint. Services sector PMI fell to a 2-year low, confirming the UK companies are trouble by the global crisis. Expectations for the BOE rate hike in 2015 declined.

On the new week, we’ll be watching the June manufacturing production figures. Bank of England is scheduled to meet on Thursday. No rate hike is expected. What’s more, we could hear some dovish comments this time.

As for the technical viewpoint, the cable is trying to fix below 50% Fibonacci from the April-June uptrend and broke below the 1.5200 round figure. Strong resistance is seen at 1.5330, while the 1.5170 mark still remains a hurdle. Break below would open the way to 1.5000.

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