Intra-Day News and Views and data to be released today - GBP/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
Update Time: 03 Sept 2019 03:30GMT

GBP/USD - 1.2034... The British pound remains on the back foot after Monday's selloff. Despite a brief jump to 1.2175 at European open yesterday, renewed selling quickly emerged and later tumbled to a 20-day bottom at 1.2036 in holiday-thinned North America session on renewed no-deal Brexit concern as British Prime Minister may call for a pre-Brexit snap election as well as downbeat UK manufacturing PMI data, then 1.2029 in Asian morning today.

Cable's selloff yesterday suggests correction from Aug's 30-month trough at 1.2015 has ended at last Tuesday's 4-week peak of 1.2310 and re-test of said sup would be seen after consolidation, where break would extend Medium Term decline towards 2017 bottom at 1.1983 before prospect of rebound due to oversold condition.
Offers are tipped at 1.2070/80 with more above with stops above 1.2110 while bids are noted at 1.2020-15 with stops below 1.1990-80.

On the economic calendar today, UK will release Markit construction PMI, where forecast is above previous reading of 45.3. However, traders should pay special attention to British court hearing in regards to forcing no-deal Brexit where it could cause potential volatility in the market.

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