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Today, cable continued to probe the 1.3750 level as shorts tried to push it past the March lows. The pair has seen a stunning turn around as it lost more than 500 pips in the last 10 days and shows no signs of bottoming out. This week brings a slew of UK PMI data reports starting with tomorrow’s PMI Manufacturing data. The market is anticipating a slight decline to 54.9 but if the data prints considerably worse the pound is sure to slice through the 1.3700 figure.
On the other hand, an upside surprise would be a welcome relief to the bulls after so many days on one-way price action and could trigger a short covering rally back towards 1.4000 as traders reassess the risk of recession. For now, GBPUSD hangs at key support as data determines its fate.