The dollar still remains strong and the mighty pound is bouncing like the proverbial dead cat.
Manufacturing is off the boil in Europe slightly but the UK equivalent is still sitting up on the recovery highs at 57.5.
If we get a much better than expected number (57.2 exp) we will see the pound pop and that might be a perfect opportunity to scale in some shorts if you feel the dollar move isn’t done.
1.6900 is the first obvious place to start but we have a couple of other resistance points at 1.6920/25, 1.6950, 1.6970/80 then 1.7000
With USD/JPY knocking on the 103 door again there’s a good chance of it going through soon and that is likely to push both the pound and euro lower again. If you missed the run down from 1.70 then this might be the perfect setup to get on board at better levels.
