3 May 2016
GBP/USD eases from highs post-PMI
The upside in the sterling has now lost some momentum, with GBP/USD retreating to the 1.4730 area after testing 1.4770.
GBP/USD gives away gains on PMI
The pair has faded the initial spike to fresh highs near 1.4770 after UK’s manufacturing PMI has come in on the soft side during April, retreating below the 50 threshold for the first time since May 2013.
Anyway, the bid tone around GBP remains firm, as the broad-based bias selling is not giving up on the US dollar.
GBP/USD levels to consider
As of writing the pair is up 0.39% at 1.4731 and a break above 1.4815 (2016 high Jan.4) would aim for 1.4861 (200-day sma) and finally 1.4948 (high Dec.25). On the flip side, the next support lines up at 1.4390 (100-day sma) ahead of 1.4298 (low Apr.21) and finally 1.4273 (55-day sma).
GBP/USD gives away gains on PMI
The pair has faded the initial spike to fresh highs near 1.4770 after UK’s manufacturing PMI has come in on the soft side during April, retreating below the 50 threshold for the first time since May 2013.
Anyway, the bid tone around GBP remains firm, as the broad-based bias selling is not giving up on the US dollar.
GBP/USD levels to consider
As of writing the pair is up 0.39% at 1.4731 and a break above 1.4815 (2016 high Jan.4) would aim for 1.4861 (200-day sma) and finally 1.4948 (high Dec.25). On the flip side, the next support lines up at 1.4390 (100-day sma) ahead of 1.4298 (low Apr.21) and finally 1.4273 (55-day sma).