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Forex pairs in this Article » GBP/USD (Edinburgh) -The sterling is now quickly appreciating against the greenback, lifting the GBP/USD beyond 1.5960 on better PMI data.

GBP/USD boosted by PMI

The Construction PMI print in the UK economy advanced to 59.4 during October, leaving behind market consensus (58.8) and September’s reading (58.9). The pair continues to recover from last week’s sharp pullback, bouncing off session troughs near 1.5900 the figure. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “not only eroded its 3 month uptrend last week, but starts this week with the 1.5895 mid October low exposed. A close below here will complete a double top pattern with a minimum downside measurement to 1.5535”.

GBP/USD key levels

As of writing the pair is advancing 0.17% at 1.5953 with the next resistance at 1.6033 (61.8% of 1.6258-1.5894) followed by 1.6046 (high Nov.1) and then 1.6070 (high Oct.31). On the flip side, a break below 1.5894 (low Oct.16) would open the door to 1.5869 (low Sep.16) and finally 1.5844 (50% of 1.5427-1.6260).
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