24.07.201312:20 Forex Analysis & Reviews: GBP/USD. Forecast for July 24, 2013

Long-term review

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Yesterday data on BBA Loans for House Purchase in June was lower than forecast. However, it was higher the figure from May; 37.3K vs. expectations for 38.5K and revised upwardly May’s data 36.3K. The pound took the sideways course with the amplitude of 25 points.

Today at 14:00 UTC+4 data on UK CBI Industrial orders Expectations in July is published; forecast -12 vs. -18 in June. At 17:00 UTC+4 US Manufacturing PMI is published, 52.5 vs. 51.9, New Home Sales in June 482K vs. 476K in May. The situation is in favour of the US dollar.

From the technical point of view, after the rate overcomes the testing level 1.5337, the next support line of green channel, we expect the price on the boarder of the channel 1.5307 and if it is broken – on the high of July 17, 1.5265. The move to 1.5411 (with possible further reverse) is also possible.

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