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3 Jun 2015

GBP/USD strengthens ahead of UK services PMI data

FXStreet (Mumbai) - The GBP/USD pair strengthened to a high of 1.5371 ahead of the data in the UK, which could show the services activity expanded at a slightly slower pace in May.

GBP/USD supported by 1.5330-1.5336

The pair ran into fresh bids at the support of 1.5330 (100% Fib expansion of 1.5813-1.5445-1.5698) and 1.5336 (38.2% Fib R of 1.4564-1.5813). The pair rose sharply in the previous session after the markets sold USD across the board, tracking the sharp rise in the EUR/USD pair over and above 1.11 levels.

Ahead in the day, the UK services PMI data in May is seen printing at 59.2 compared to April’s 59.5. Meanwhile, the US ISM non-manufacturing is seen slowing down to 57.00 in May from 57.8 in April.

GBP/USD Technical Levels

The immediate resistance is located at 1.5377 (200-DMA), above which gains could be extended to 1.5417. On the flip side, a break below 1.5330 could push the pair down to 1.5293 (5-DMA).
Jun 3, 2015

NZD/USD expected to decline towards 0.6870 – JPM

Niall O'Connor, FX Strategist at J.P.Morgan, remains in favour of a NZD/USD decline towards 0.6870 area.
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Jun 3, 2015

What’s in store for EUR/USD? – Commerzbank and OCBC Bank

The single currency keeps the buoyant tone on Wednesday, while market participants get ready for the slew of data releases in the euro area and the ECB meeting...
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