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Technical analysis of GBP/USD for June 03, 2015

The cable rose strongly at Tuesday's session ceased a 7-day losing streak. The recent development in the Greek story lifted the sentiment.

The UK construction sector recovered from a slowdown, hit a 9-year high. UK construction companies recorded a slight rebound in the output growth during May. Markit and CIPS said the UK Construction PMI registered 55.9 in May, up from 54.2 in April.

Today's events: The UK services PMI data is due today. We expect other positive readings from the British economy.

Technical analysis: The cable probably made a double bottom and changed its direction towards north. The cable managed to hold the 50Dsma and closed above 100Dema. At today's Asian session, the cable was trading at 1.5338 compared to 1.5344 on Tuesday's close. Intraday support is found at 1.5300 and 1.5270. Intraday resistance is seen at 1.5370 and 1.5390. The cable has been making lower lows and lower highs in the four-hour chart. Supply zone looms at 1.5445 and 1.5515. Ahead of major economic events, multiple trading opportunities are available. Bulls can buy with sl 1.5250 with intraday targets at 1.5360, 1.5390, and 1.5440. Safe buying triggers above 1.5370 with targets at 1.5420 and 1.5440. Bears can sell below 1.5300 with targets at 1.5270 and 1.5250. The real selling ignites below 1.5250 towards 1.5220, 1.5200, and 1.5170. The panic will be triggered below 1.5160 towards 1.5130 and 1.5100.

 

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