FxWirePro: GBPUSD declines below 1.3700 on weak UK manufacturing PMI, good to sell on rallies
Cable lost almost more than 100 pips in the European session on weaker than expected UK Manufacturing PMI data. The pair breaks yesterday low of 1.37126 and hit intraday low of 1.36720. HIS Markit UK manufacturing PMI ca…
Cable lost almost more than 100 pips in the European session on weaker than expected UK Manufacturing PMI data. The pair breaks yesterday low of 1.37126 and hit intraday low of 1.36720. HIS Markit UK manufacturing PMI came at 53.9 compared to forecast of 55.80. The continuous weak UK economic data and Brexit uncertainty will postpone rate hike by BOE. Market eyes US ISM manufacturing index for further direction.
In daily chart, the pair is trading below 1.3708 (weekly Kijun-Sen) and a dip till 1.36500/1.3600 (trend line support).
On the higher side, nearby resistance is around 1.3800 and any break above targets 1.38650/ 1.3925/1.3960/1.4000. Any break above 1.4000 confirm minor bearish invalidation and a jump till 1.4100 is possible.
It is good to sell on rallies around 1.3725-30 with SL around 1.37730 for the TP of 1.3600
