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Cross Sees Support as GBP/USD Tests 1.2700

EURGBP
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  • EUR/GBP is firmer for a third consecutive session, but the bounce has as yet been insufficient to reverse the over-arching bear trend - which remains in play. GBP/USD is testing the 1.27 handle at typing, and weakness through here could further support the cross toward first resistance at 0.8541, but seen stronger into 0.8554.
  • European and UK PMI numbers have been largely inconsequential, with markets awaiting this week's ECB decision for firmer direction.
  • The USD Index is more stable after two sessions of declines into the Friday close, as month-end sales abated and markets found support again at the 100-dma of 104.420.
  • Focus turns to ISM manufacturing numbers for May - Markets expect the headline to improve slightly to 49.6 from 49.2 - however the broad downside miss in the MNI Chicago PMI from Friday could keep markets on the defensive.
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  • EUR/GBP is firmer for a third consecutive session, but the bounce has as yet been insufficient to reverse the over-arching bear trend - which remains in play. GBP/USD is testing the 1.27 handle at typing, and weakness through here could further support the cross toward first resistance at 0.8541, but seen stronger into 0.8554.
  • European and UK PMI numbers have been largely inconsequential, with markets awaiting this week's ECB decision for firmer direction.
  • The USD Index is more stable after two sessions of declines into the Friday close, as month-end sales abated and markets found support again at the 100-dma of 104.420.
  • Focus turns to ISM manufacturing numbers for May - Markets expect the headline to improve slightly to 49.6 from 49.2 - however the broad downside miss in the MNI Chicago PMI from Friday could keep markets on the defensive.