GBP/USD – 1.53 resistance eyed by Milan Cutkovic

The Pound has been well bid in the past few sessions. Weak Construction PMI data pushed the Cable lower initially, but it quickly rebounded and is now back above 1.52. It seems like we could have a short-term bottom in place at 1.5090 and with a test of former support at 1.53 now likely. A clear break & daily close above that level would then confirm the s/t bottom and pave the way for a 1.55 test. To the downside, intraday support expected at 1.5165, with 1.5090/1.51 then the next key support area.

Keep in mind we have the UK Services PMI release today at 0930 BST.

cable

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