Forex Flash: Today's trade with GBP/USD - Commerzbank, Danske Bank and UBS

By FXstreet.com,  May 03, 2012, 05:53:00 AM EDT

FXstreet.com (Barcelona) - The three banks have started to disagree on how to trade GBP/USD. The Copenhagen based bank, Danske Bank, says in its daily technical report to go "long at 1.6235 for a 1.6380 objective, stop at 1.6160.", while Commerzbank suggests to "longs stopped. Attempt tiny shorts 1.6250, 1.6280, stop 1.6340. Cover 1.6050."

UBS's Geoffrey Yu says he is bullish on sterling although he does not give out an specific price range where to trade on while Chris Walker ( UBS ) believes the pair will be at 1.62 for the next 1 to 3 months. On the other hand, Currencies.co.uk urges to sell the pound and move to other currencies.

The EMU's producer price index came short of expectations with YoY and MoM growth of 3.3% and 0.5%, respectively. Initial and continuing jobless claims in the US are expected to decrease to 380K and 3.311 millions (from 388K and 3.315 millions). Other important announcements that investors will be paying close attention to are the nonfarm productivity and unit labor costs, which are predicted to yield quarterly changes of -0.5% and 2.8%. The Federal Reserve's Lockhart, Dudley and Plosser will be giving speeches today as well.

The pair is currently trading at 1.6180, down by 0.11%.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks: UBS



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