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Jun 3, 2013
GBP/USD eyes 1.5260 as risk sharpens
FXstreet.com (Barcelona) - The sterling is accelerating its upside on Monday, hovering over weekly highs around 1.5250 as the better risk-on tone is spreading over the global markets.
The pound is following its risk-related peers at the beginning of the week, ahead of the manufacturing PMI in the British economy due later. Prior surveys expect the print to return to the expansionary territory at 50.1 vs. 49.8 previous. “We also get the BoE’s FLS data for Q1, which unfortunately is unlikely to show much pick-up in lending activity, based on the BoE’s analysis of leading indicators in the May Inflation Report”, commented Annette Beacher, Strategist at TD Securities.
GBP/USD is now up 0.30% at 1.5256 and a surpass of 1.5275 (MA55d) would open the door to 1.5281 (high May 20) and then 1.5331 (high May 14). On the downside, support levels align at 1.5136 (MA10d) followed by 1.5111 (low May 30) and finally 1.5008 (low May 29).
The pound is following its risk-related peers at the beginning of the week, ahead of the manufacturing PMI in the British economy due later. Prior surveys expect the print to return to the expansionary territory at 50.1 vs. 49.8 previous. “We also get the BoE’s FLS data for Q1, which unfortunately is unlikely to show much pick-up in lending activity, based on the BoE’s analysis of leading indicators in the May Inflation Report”, commented Annette Beacher, Strategist at TD Securities.
GBP/USD is now up 0.30% at 1.5256 and a surpass of 1.5275 (MA55d) would open the door to 1.5281 (high May 20) and then 1.5331 (high May 14). On the downside, support levels align at 1.5136 (MA10d) followed by 1.5111 (low May 30) and finally 1.5008 (low May 29).