Cable Have More Tests to Pass
Cable becomes even stronger in the wake of better than expected PMI Manufacturing numbers. It reached 55.1 versus 54.4 in June mostly thanks to significant jobs creation. Isn't it an indicator of activity pickup and stronger economic growth?
However, we need to pass some more tests, before we confirm the longer-term bullish trend. For example, Services PMI will be of more interest given the service-oriented nature of the British economy.
But the most significance the market will pay to the looming BOE monetary meeting coupled with Quarterly Inflation report. If inflation forecasts revised up, and Monetary Policy Committee reveals even more hawks voting for a rate hike, it will push cable higher.
GBP/USD has already broken strong psychological resistance at 1.32, and the next target may be at 1.3280.
However, we need to pass some more tests, before we confirm the longer-term bullish trend. For example, Services PMI will be of more interest given the service-oriented nature of the British economy.
But the most significance the market will pay to the looming BOE monetary meeting coupled with Quarterly Inflation report. If inflation forecasts revised up, and Monetary Policy Committee reveals even more hawks voting for a rate hike, it will push cable higher.
GBP/USD has already broken strong psychological resistance at 1.32, and the next target may be at 1.3280.
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