GBP/USD Forecast: Sideways channel on hourly chart

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The corrective rally in the GBP/USD pair was cut short by the release of better-than-expected US manufacturing PMI indices. Both, Markit and ISM PMI, printed below 50.00, but came-in above estimates. This was enough to trigger speculation that manufacturing sector may have bottomed out in February. Earlier in the European session, the UK manufacturing PMI came-in at 34-month low, but somehow the technical factors (oversold nature) ensured the pair rose to a high of 1.4018 before trimming gains

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