GBP/USD flat near 1.4710, focus on PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound is trading almost unchanged vs. the greenback on Tuesday, taking GBP/USD to a consolidative pattern around 1.4715/10.

    GBP/USD eyes on UK PMI

    After briefly posting fresh highs above the 1.4800 handle on Monday, the pair has quickly surrendered those gains and dropped to fresh lows in sub-1.4700 levels for the first time since April 2015, all amidst a solid recovery of the US dollar.

    In addition, mixed results in the UK economy have lent temporary support to GBP yesterday and sustained the initial upside momentum, although their effects soon vanished. Ahead in the session, UK’s Construction PMI will be published while second-tier releases are only expected across the pond.

    GBP/USD important levels

    The pair is now retreating 0.03% at 1.4718 and a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5089 (55-day sma).
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