GBP/USD intraday rebound in play

Close-up of market chart
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

Happy trading.
Related tags: GBP Forex Forex USD

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