FXstreet.com (Barcelona) - Failure just below 1.5600 has been sending the GBP/USD down the cliff as it retraces (slightly) Friday’s gains. The pair found a low at 1.5518 and managed to bounce back to 1.5540 area, where it currently prices.
The first piece of July business survey data, the NY Empire State Manufacturing Index, will be released at 12:30 GMT, coupled with US Retail Sales for June. Both indicators have favorable consensus.
“Ideally, support should be found above psychological 1.5500, also close to Fib 38.2% of 1.5392/1.5592 upleg and ascending 55 day EMA, as studies on 4H chart broke above the midlines and see potential for further recovery”, wrote Windsor Brokers analyst Slobodan Drvenica.
The first piece of July business survey data, the NY Empire State Manufacturing Index, will be released at 12:30 GMT, coupled with US Retail Sales for June. Both indicators have favorable consensus.
“Ideally, support should be found above psychological 1.5500, also close to Fib 38.2% of 1.5392/1.5592 upleg and ascending 55 day EMA, as studies on 4H chart broke above the midlines and see potential for further recovery”, wrote Windsor Brokers analyst Slobodan Drvenica.
