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6 Jan 2015
Cable unlikely to find a strong support till 1.5000 levels – FXMarketAlerts
FXStreet (Barcelona) - The FXMarketAlerts Team explains that lower than expected UK services PMI led Cable to drop below the 1.52 handle, further note than the pair is unlikely to find a strong support till the low at 1.5000.
Key Quotes
“UK services PMI sees a notable correction from the Nov read of 58.6, dropping much lower than expected to 55.8. This drags the composite rate down to 55.4 from 57.8 previously and knocks GBP lower again. Cable is now though the Monday lows just below 1.5200, though EUR/GBP is the one we watch at present, which is now homing in on .7850.”
“Lots of good selling interest to note ahead of .7900, so current levels look a good sell despite the latest data release(s).”
“Cable is unlikely to run into any meaningful support until we get into the low 1.5000's, but current price action does not suggest we see this any time soon.”
Key Quotes
“UK services PMI sees a notable correction from the Nov read of 58.6, dropping much lower than expected to 55.8. This drags the composite rate down to 55.4 from 57.8 previously and knocks GBP lower again. Cable is now though the Monday lows just below 1.5200, though EUR/GBP is the one we watch at present, which is now homing in on .7850.”
“Lots of good selling interest to note ahead of .7900, so current levels look a good sell despite the latest data release(s).”
“Cable is unlikely to run into any meaningful support until we get into the low 1.5000's, but current price action does not suggest we see this any time soon.”