HomeContributorsTechnical AnalysisGBP/USD Outlook: Lifted Further by Better Than Expected UK PMI Data

GBP/USD Outlook: Lifted Further by Better Than Expected UK PMI Data

Cable advances for the second consecutive day, underpinned by better than expected UK services PMI (dominant sector of the economy) released earlier today.

Fresh bulls cracked psychological 1.2700 barrier and nearby pivotal Fibo resistance at 1.2707 (38.2% of 1.2860/1.2612 bear-leg) with bounce from 1.2612 higher base being underpinned by rising and thickening daily Ichimoku cloud.

Sustained break of 1.2700/07 barriers to generate bullish signal for extension towards next targets at 1.2736 and 1.2765 (Fibo 50% and 61.8% retracement).

On the other hand, 14-d momentum is still in the negative territory and requires caution, though near-term bullish bias to remain in play as long as price action stays above daily cloud top, reinforced by daily Tenkan-sen (1.2661).

Res: 1.2670; 1.2715; 1.2736; 1.2765.
Sup: 1.2687; 1.2661; 1.2638; 1.2612.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading