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GBP/USD indifferent post-PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling is trading almost unchanged vs. the dollar on Wednesday, taking GBP/USD to the 1.5430 region.

    GBP/USD indifferent on PMI

    The pound has remained apathetic after the UK’s Services PMI has surpassed expectations for the month of October, climbing to 54.9 vs. 54.5 initially forecasted and September’s 53.3.

    Spot is extending its overnight consolidative pattern in the low-1.5400s today, although gains seems to be so far limited around 1.5430/35, ahead of the BoE’s ‘Super Tuesday’.

    GBP/USD levels to watch

    At the moment, the pair is up 0.02% at 1.5429 with the next resistance at 1.5465 (100-day sma) ahead of 1.5485 (downtrend from 1.5820) and finally 1.5528 (76.4% Fibo of 1.5659-1.5106). On the other hand, a break below 1.5349 (200-day sma) would aim for 1.5317 (38.2% Fibo of 1.5659-1.5106) and then 1.5226 (6-month uptrend).
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