FxWirePro: GBP/USD trades higher on upbeat PMI data, further bullishness above 1.2965
Friday, May 5, 2017 9:54 AM UTC
- GBP/USD has shown a huge recovery after hitting weekly low at 1.2830 yesterday on account of positive UK economic data and is currently trading around 1.29366.
- UK Pound recovered after upbeat service PMI and added to this week’s better than expected manufacturing and construction PMI. Market awaits US NFP data for further direction.
- The pair is facing major resistance around 1.29655 high made on Apr 28th 2017 and any violation above will accelerate the up move to 1.3000. A follow through buying above 1.3000 will take the pair till 1.3060/1.3090.
- On the lower side, near term support is around 1.28500 and any break the support will drag the pair till 1.27549 (Apr 21st low).
It is good to buy on dips around 1.2880 with SL around 1.2830 for the TP of 1.2960/1.3000.
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