FXMarketAlerts Team
FXMarketAlerts
Published at 08:37 (GMT) 01 Jul
Sterling has been knocked back on the UK CIPS manufacturing PMIs, though relatively speaking, it is a modest move, with much of it 'adjusting' the pre release run up to 1.5730-35 in Cable and .7060 in EUR/GBP. At 51.4, this doesn't compare well with the median forecasts of 52.5, while the new orders index dropped back from 53.3 to 52.8. Cable has found some bids in the 1.5670-75 area for now, but we feel it will not be long before we trip stops through 1.5665-60. EUR/GBP is likely to remain in no-man's-land given the Greek turmoil, though we do not rule out a move back through .7100 in the interim.
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