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GBPUSD – Still Aiming for 1.3000?
Although cable rose today on general anti-dollar flows the rebound was rather anemic and the pair still remains mired under the 1.3200 resistance level as short continue to circle the unit. Earlier today the OECD noted that risks of a slowdown in UK have increased while reports also circulated that the EZ was demanding a full plan for Brexit from UK within the next two to three weeks.
Theresa May’s government appears to be in disarray with the second minister resigning within a week and many experts doubt that her stewardship may last much longer. In the meantime, the market will get a look at Industrial and Manufacture production data as well as construction output which may have contracted sharply.
All of this may put fresh pressure on cable and send it below 1.3100 once again as shorts prepare to assault the key 1.3000 support level sometime next week.