GBP/USD trades slightly higher, market awaits UK PMI for further direction
Major resistance – 1.2550 (trend line joining 1.24805 and 1.24885) Major support – 1.2380 Economic data UK Manufacturing PMI (9:30 GMT) Cable breaks the major trend line resistance around 1.2545 and slightly jumped till …
Major resistance – 1.2550 (trend line joining 1.24805 and 1.24885)
Major support – 1.2380
Economic data
UK Manufacturing PMI (9:30 GMT)
Cable breaks the major trend line resistance around 1.2545 and slightly jumped till 1.25520 level .it is currently trading around 1.25360.
Market awaits UK Manufacturing PMI for further direction. If manufacturing PMI beats street expectations, it would send the cable to 1.2600 level. On the other hand, any weaker than expected UK PMI will drag the pair down till 1.2470/1.2400.Short term weakness only below 1.23000.
The temporary top formed at 1.2675 (Nov 11th high) will be acting as major trend reversal level. Any break above will take the pair till 1.2745/1.2800. The minor resistance is at 1.2600.
The FxWirePro Hourly GBP Strength index at 900 GMT stood at 109 (Extremely bullish) and USD at 51.38 (neutral).So it is good to go long on GBP and short on USD
It is good to buy on dips around 1.25000 with SL around 1.2430 for the TP of 1.2670/1.2745
