Sat, Nov 28, 2020 @ 16:21 GMT
Home Contributors Fundamental Analysis Consumer Confidence Does Not Help GBP

Consumer Confidence Does Not Help GBP

On Friday, the GfK consumer confidence index fell to -31 in October, below -28 expected. The Markit U.K. Manufacturing PMI (preliminary reading) was posted at 53.3 for October (vs 53.1 expected).

From a technical point of view, on a 30-min chart, GBP/USD is on the downside and is capped by its declining 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3060. The nearest support would be set at previous overlap at 1.2985 and a second one would be set at horizontal support at 1.2955 in extension.
DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Featured Analysis

Learn Forex Trading