- The pound gains momentum in the market and advances against the dollar and the euro.
- GBP / USD targeting February highs of 1.4237.
The GBP / USD surpassed 1.4220 and advanced to 1.4233, reaching the highest level since the end of February. The price remains in the area of the maximums, with an eye on the maximum in years reached in that month, at 1.4237.
The The pair’s advance occurs before the dollar falls in the market, although among the pairs, the one that advances the fastest is the GBP / USD. The greenback is weak even despite the stability in the bond market and on the stock exchanges.
In Europe, the preliminary PMI reading for May showed mostly better than expected data. In the UK, the manufacturing PMI rose to 66.1 (consensus: 60.0). It was previously known that retail sales registered an advance of 9.2% in April, surpassing the 4.2% expected. The data at the time, had a limited impact on the market. The gains in GBP / USD accelerated later.
When it comes to US data, IHS Markit’s preliminary manufacturing and services report for May, followed by the existing home sales report for April, stands out on the economic calendar. Atlanta Fed Chairman Raphale Bostic and Richmond Fed Chairman Thomas Barkin will speak at a technology conference.
Technical levels
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