• The Sterling is leaning to the bullish side after economic data for the UK begins to turn positive.
  • The upcoming London market session only sees a speech from the BoE's Carney, but the US session will be bringing key data ahead of Friday's NFP.

The GBP/USD is trading near the 1.3230 level after edging into a new high for the week on Wednesday, marking in a top at 1.3249.

The Sterling caught some bullish momentum on Wednesday after the UK's Markit Services PMI came in at 55.1, clearing the expected steady reading at 54.0. The GBP bulls will be looking to keep the good vibes rolling with a scheduled speech by the Bank of England's (BoE) Governor Mark Carney at 10:00 GMT, though the BoE chief is unlikely to deliver any new developments as he is giving a prepared speech in Newcastle during his regular regional visit to the North East.

The upcoming US session, which sees American markets back in action after taking July 4th off in celebration of Independence Day, will be bringing Jobless Claims at 12:30 GMT, along with the Markit Services PMI at 13:45 GMT, along with the FOMC's latest Meeting Minutes at 18:00 GMT and as analysts at TD Securities noted in their event preview: "TD looks for an optimistic tone on-balance, in line with the upbeat economic outlook from the policy statement. ADP employment is out at 8:15 ET ahead of Friday's payroll report and the market looks for a slight pickup in job growth to 190k, while initial jobless claims are expected to edge lower to 225k for the week of June 30. ISM Non-Manufacturing PMI will round out the data calendar and the market consensus is for the index to edge lower to 58.3."

GBP/USD levels to watch

The Sterling-Dollar pairing is beginning to show signs of steady bullish potential, and as pointed out by FXStreet's own Valeria Bednarik, "the 4 hours chart presents an increasing upward potential, with an intraday decline having found buying interest around its 20 SMA, which partially lost upward strength due to thin trading, as technical indicators head higher within positive territory about to challenge their weekly highs."

Support levels: 1.3220 1.3185 1.3140     

Resistance levels:  1.3265 1.3300 1.3335

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD slips to near 1.0450 ahead of Eurozone HICP and US ISM PMI

EUR/USD slips to near 1.0450 ahead of Eurozone HICP and US ISM PMI

EUR/USD has recorded a minor correction after hitting a high of 1.0489 on Thursday. The major is expected to remain on the sidelines as investors are awaiting the release of the US ISM PMI and eurozone Harmonized Index of Consumer Prices (HICP).

EUR/USD News

GBP/USD: Bears attack 1.2100 with eyes on yearly low, UK/US PMI

GBP/USD: Bears attack 1.2100 with eyes on yearly low, UK/US PMI

GBP/USD is nearing 1.2100, returning to bear’s radar, after a one-day absence. Brexit, politics and economic pessimism weigh on the pound in early Europe. Doubts over ‘partygate’ investigation take rounds, Irish deputy PM accuses No10 over NIP. UK/US PMIs eyed. 

GBP/USD News

Gold bears eye $1,787 as recession fears amplify ahead of US ISM PMI

Gold bears eye $1,787 as recession fears amplify ahead of US ISM PMI

Gold Price stands on slippery grounds as it slides to the lowest levels since early May, around $1,797 by the press time of early Friday morning in Europe. The yellow metal drops for the fifth consecutive day amid fears of escalating inflation and economic slowdown.

Gold News

Is this a buy signal for Shiba Inu price or month-end volatility?

Is this a buy signal for Shiba Inu price or month-end volatility?

Shiba Inu price embarked on a massive uptrend after bottoming on June 19. The ascent faced issues and headwinds, leading to an eventual retracement.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures