GBP/USD challenges 1.49 on better PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is extending its overnight consolidative pattern into the European session, with GBP/USD navigating the 1.4920/15 area so far.

    GBP/USD indifferent to PMI

    The pair keeps the negative bias despite the relevant Services PMI in the UK economy has surprised markets to the upside during November, rising to 55.9 vs. 55.0 initially estimated and up from October’s 54.9.

    In the meantime, the offered tone keeps lingering over spot against the backdrop of increasing anxiousness regarding the ECB meeting and the results of the Non-farm Payrolls in the US economy expected tomorrow.

    GBP/USD important levels

    The pair is now retreating 0.16% at 1.4921 facing the next support at 1.4893 (low Dec.2) followed by 1.4853 (low Apr.21) and then 1.4563 (low Apr.13). On the upside, a breakout of 1.5000 (psychological level) would aim for 1.5126 (high Dec.1) and finally 1.5251 (55-day sma).
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