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UK: Sterling bears nine-day rally may be snapped today - BBH

FXStreet (Delhi) – Research Team at BBH, suggests that the UK currency’s date with bears is likely to get over today as the manufacturing PMI came in at 51.5 while this is slightly lower than the August reading (51.6), it was better than the 51.3 consensus forecast.

Key Quotes

“During this 9-day drop, sterling has fallen 5.2 cents to just below $1.5110. Sterling suffered another 9n9-day decline in late-August through early-September. Then, sterling lost about 6.5 cents to $1.5165.”

“To be sure, the technical tone is still fragile. Sterling recorded an outside down day yesterday. While there has not been any follow through selling today, upside momentum or a snap-back has yet to materialize. A narrow range has prevailed, and sterling struggles near $1.5150. To lift the tone, a move above the $1.5200-15 area is needed.”

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