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3 Jul 2015
GBP/USD forecast: Might see a dip below 1.5550 if UK services PMI disappoints – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, sees bearish potential ahead for GBP/USD if the UK services PMI data ahead disappoints the markets.
Key Quotes
“At the moment, the pair is trading around 1.5606 (23.6% Fib R of 1.4564-1.5928). Given the failure to take out 1.5938 (38.2% Fib R of June rally), despite of a weak US data, the pair is likely to drop below 1.5606 and extend losses to 1.5569 (38.2% Fib R of July 2014-April 2015 plunge)- 1.5550 (50% Fib R of June rally).”
“In case of a weak services PMI the pair could dip below 1.5550, however, further bearishness is seen only if the spot manages to close below 1.5550 levels.”
“On the higher side, a break above 1.5638 could see the pair re-test 1.5667.”
“The losses in the GBP/USD pair could be restricted by the possible selling in the EUR/GBP cross ahead of Sunday’s Greek referendum.”
Key Quotes
“At the moment, the pair is trading around 1.5606 (23.6% Fib R of 1.4564-1.5928). Given the failure to take out 1.5938 (38.2% Fib R of June rally), despite of a weak US data, the pair is likely to drop below 1.5606 and extend losses to 1.5569 (38.2% Fib R of July 2014-April 2015 plunge)- 1.5550 (50% Fib R of June rally).”
“In case of a weak services PMI the pair could dip below 1.5550, however, further bearishness is seen only if the spot manages to close below 1.5550 levels.”
“On the higher side, a break above 1.5638 could see the pair re-test 1.5667.”
“The losses in the GBP/USD pair could be restricted by the possible selling in the EUR/GBP cross ahead of Sunday’s Greek referendum.”