Monday 3 June 2013

Purchasing Manager Index pushes Pound up

There has been some Forex data of intermediate importance during European session and the one that particularly influenced moves in fx market was GBP Purchasing Manager Index. It made British Pound run up across the board. The data came out better than expected and this gives extra bullishness for the cable before key event on Thursday when the Bank of England releases its' interest rate decision. This strength may continue in eur/gbp and gbp/jpy. I currently am in both of the pairs. gbp/usd will probably hit resistance at 1.5300 level and only Thursday will determine where the pair will go.

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