FXstreet.com (Barcelona) - From 1.5486 low, around the same area as Monday’s low, the GBP/USD retraced its losses and is edging higher on the day during the American session. The upside that started still in the European session has reached as high as 1.5552 for now, as the British Pound bounces from Friday and Monday’s plunge and the greenback weakens on softer manufacturing PMI data at 51.8, its lowest since December 2010.
The US housing price index and Richmond Fed manufacturing index will be released at 14:00 GMT.
“GBP/USD is still deemed to be within the midst of a larger corrective phase that started at 1.5269”, wrote MIG Bank analyst Bijoy Kar. “With this in mind we see scope for a further rise to re-test the 1.5793 region, above which a lower high would be favoured to form”, he added.
The US housing price index and Richmond Fed manufacturing index will be released at 14:00 GMT.
“GBP/USD is still deemed to be within the midst of a larger corrective phase that started at 1.5269”, wrote MIG Bank analyst Bijoy Kar. “With this in mind we see scope for a further rise to re-test the 1.5793 region, above which a lower high would be favoured to form”, he added.
