GBP/USD intraday rebound in play

Looking at currency pair movers, the GBP/USD jumped 116 pips to 1.2466 in Monday's trading making the pair one of the most active.

Charts (1)

The US Dollar was bearish against most of its major pairs on Monday with the exception of the JPY. 

On the economic data front, Existing Homes Sales fell to 3.91 million homes on month in May (4.09 million homes expected), from 4.33 million homes in April, a low last seen in 2010. 

On Tuesday, Markit's US Manufacturing Purchasing Mangers' Index for the June preliminary reading is expected to spike to 51.5 on month, from 39.8 in the May final reading. Finally New Home Sales for May are expected to rise to 640K homes on month, from 623K homes in April.                                                                                                                     

The Euro was bullish against most of its major pairs with the exception of the NZD, AUD and GBP. In Europe, Eurozone Consumer Confidence Index was -14.7 in the June first reading (-15 expected) vs. -18.8 a month earlier.

The Australian dollar was bullish against most of its major pairs with the exception of the NZD. 

Looking at currency pair movers, the GBP/USD jumped 116 pips to 1.2466 in Monday's trading making the pair one of the most active. The pair has rebounded off the 1.234 low. Prices are testing their 200-period MA as resistance. As long as 1.242 remains support, look towards 1.251 (50% retracement from the swing high of 1.267 and swing low of 1.234) and 1.255 (61.8% Fibonacci retracement) as targets on the rebound.



Source: GAIN Capital, TradingView

Happy trading.

More from Forex

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.