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GBP/USD much lower to find support 1.5150/60

FXstreet.com (London) - The Chicago Purchasing Managers Index released printed 58.7% against consensus 50.0% and 49.0%. The more important number, the Reuters/Michigan Consumer Sentiment Index, that was released afterwards came in better as well, 84.5% against consensus 83.7% and previous 76.4%.

The GBP/USD has gapped much lower through the 1.5200 handle to stabilise at 1.5150 support. The BOE next week is going to be gaining even more focus with the recent drop off in CPI. There is speculation that the chances of easing have now increased. Next weeks PMIs will be in sites as well. Non farm of course will also be on lips of the market.

Intra-day 1.5245 is acting as resistance after 1.5200 while 1.5050/60 before 1.5100-15 is support territory before 1.4995. Lets see if that gap will be filled again before the week is out before Friday positioning and month end. The Broader trend is to the downside on the charts beneath 1.5770 targeting last summer lows, 1.4250 zones.

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