GBP Braces for September
GBPUSD has managed to avoid its 8th consecutive weekly decline, something last seen during the 1976 sterling crisis and GBP bulls are focusing on a few chart developments such as a weekly doji candle resting right above the 55-WMA. Picking new longs may make sense, but to up to what point? GBPUSD will undoubtedly be impacted by the upcoming key US releases (ADP, manuf ISM and payrolls), ECB decision and the UK releases , namely the monthly UK PMI trifecta. Further indications on the latest opinion polls ahead of the Sep 18 Scotland referendum should also become a factor as the “Yes” camp is closing in on the “No” camp. Following a month when GBP lost ground against all major 10 currencies, with the exception of EUR, find out our next Premium trade in GBPUSD here.
|Chicago PMI (AUG)|
|56.5||64.3||52.6||Aug 29 13:45|
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