GBP/USD closer to 1.3600 ahead of May’s speech

Pablo Piovano FXStreet

The Sterling is trading almost unchanged vs. the greenback at the end of the week, now taking GBP/USD to the 1.3580/85 band.

GBP/USD looks to May’s speech in Florence

Cable continues to recover from Wednesday’s weekly lows in the mid-1.3400s amidst a retracement in the greenback, while it is slowly approaching the critical handle at 1.3600 the figure and the key 2014-2017 resistance line, today at 1.3624.

GBP should stay under pressure however, in light of the speech by PM Theresa May in Florence scheduled for 1415GMT. The focus of attention will likely be on the Brexit bill and considerations regarding trade deals. It is worth recalling that another round of Brexit negotiations are due to start on September 25.

In the domestic docket, CBI’s industrial trends survey is only due, whereas Markit’s advanced manufacturing PMI for the month of September is expected across the pond.

GBP/USD levels to consider

As of writing the pair is up 0.03% at 1.3586 and a break above 1.3620 (2017 high Sep.18) would aim for 1.4010 (low Jun.16 2016) and finally 1.4744 (high May 26 2016). On the flip side, the immediate support lines up at 1.3452 (low Sep.20) seconded by 1.3431 (10-day sma) and then 1.3198 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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