GBP/USD intraday rebound in play
Gary Christie June 22, 2020 4:24 PM
Looking at currency pair movers, the GBP/USD jumped 116 pips to 1.2466 in Monday's trading making the pair one of the most active.
The US Dollar was bearish against most of its major pairs on Monday with the exception of the JPY.
On the economic data front, Existing Homes Sales fell to 3.91 million homes on month in May (4.09 million homes expected), from 4.33 million homes in April, a low last seen in 2010.
On Tuesday, Markit's US Manufacturing Purchasing Mangers' Index for the June preliminary reading is expected to spike to 51.5 on month, from 39.8 in the May final reading. Finally New Home Sales for May are expected to rise to 640K homes on month, from 623K homes in April.
The Euro was bullish against most of its major pairs with the exception of the NZD, AUD and GBP. In Europe, Eurozone Consumer Confidence Index was -14.7 in the June first reading (-15 expected) vs. -18.8 a month earlier.
The Australian dollar was bullish against most of its major pairs with the exception of the NZD.
Looking at currency pair movers, the GBP/USD jumped 116 pips to 1.2466 in Monday's trading making the pair one of the most active. The pair has rebounded off the 1.234 low. Prices are testing their 200-period MA as resistance. As long as 1.242 remains support, look towards 1.251 (50% retracement from the swing high of 1.267 and swing low of 1.234) and 1.255 (61.8% Fibonacci retracement) as targets on the rebound.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.