The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
GBP/USD could find support at 200-hour SMA
Today’s services PMI is likely to provide plenty of volatility, so with the pair back nearing the top-end of its post-Brexit range (around $1.34) then the release might prompt some weakness. Nonetheless, the trend has been to buy cable since the August lows, so any sudden drop today might provide a buying opportunity.
Some support could be found around the 200-hour simple moving average ($1.3182), with the initial target for any bounce coming in at $1.3150.