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During the 22-26 June trading week, the Pound experienced the same tendency as the EUR/USD currency pair, opening week on a rather high note and than showing a moderate decline after late night talks between Greek Prime Minister Alexis Tsipras, the European Commission, the European Central Bank and the International Monetary Fund which ended without agreement on Wednesday. The next day, the Cable was hovering close to one-week lows since investors eyed the release of upcoming US personal spending and jobless claims data for further indications on the strength of the economy. Moreover, the Greenback found support after the Commerce Department reported on Wednesday that US gross domestic product contracted at a rate of 0.2% in the three months ending March 31, in line with expectations and compared to a previous estimate of a 0.7% contraction. Meanwhile, at the end of the week, the Sterling was little changed, as uncertainty over Greece's debt negotiations sapped investor demand for the pair currency.
This week, the Pound is seen to reach level of 1.5745, as majority of poll participants are short on the currency. "I am expecting GBP/USD to go down by this coming Friday. Since, I think on July 2nd, Non-Farm employment change is going to be better than expected, around 250k-260k. Therefore, I think GBP/USD will also come a little down." says aslamhammad. In contrast, Student_21 believes that "The Pound is moving in accordance with the technical correction and partly because of current Greek crisis, but it will face a limited impact on the Pound." Major events this week include report on manufacturing activity on Wednesday and a report on construction activity the next day. On Thursday, the US is to publish nonfarm payrolls report and data on wage.
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