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GBP/USD: Bulk Of Brexit Impact Likely Behind Us But We Stay Short - BNPP
19 July 2016, 17:58
![Vasilii Apostolidi Vasilii Apostolidi](https://c.mql5.com/avatar/2016/2/56C08F4E-3736.png)
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Attention will now turn to releases later in the week: May employment data (Wednesday), June retail sales (Thursday) and the services and manufacturing PMIs (Friday). Our expectation is that the PMIs will show a sharp post-Brexit weakening, with our economists forecasting the composite index at its lowest level since December 2012.
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On balance we think deterioration in activity data and rising expectations for BoE easing should push GBPUSD lower in the near-term, even if the bulk of the Brexit impact on the GBP is likely behind us.
We are short GBPUSD from 1.3350 targeting 1.2800.*
*BNPP is short GBP/USD from July 14.