ADS Securities’ market analysts have shared their CBI industrial trends survey data GBPUSD expectations. What is your outlook?
22 June, ADS Securities – The Pound traded firmer against the US Dollar in the last session, following comments from the Bank of England’s (BoE) Chief Economist, Andy Haldane, that it would be wise to hike interest rate later this year.
CBI industrial trends survey data GBPUSD expectations
As visible on the 1H chart, the pair is trading rangebound between 1.2655-1.2685, as traders would keep an eye on CBI industrial trends survey data, to be released today. However, a possible signal line crossover from above by the MACD indicator, suggests a likely correction over intraday basis.
Key intraday support is positioned at the 1.2635 level, a breach below which might trigger bearishness in the pair, clearing its way for the 1.2615 and 1.2585 levels. On the bright side, the key technical barrier resides at the 1.2695 level, followed by the 1.2730 where EMA 200 is trading and 1.2760 levels.
ADS Securities Risk Disclaimer
Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.
All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.