2 May 2016
GBP/USD fades a spike to 1.4640, US PMI in focus
The GBP/USD pair is seen wavering back and forth in 40-pips narrow range, with no fresh fundamental triggers as the UK markets remain closed on account of a public holiday.
GBP/USD eyes UK PMIs this week
The GBP/USD pair trades +0.09% higher at 1.4614, having failed near daily S1 at 1.4635. The bid tone around the GBP/USD pair weakened a bit, as the bulls fail to benefit from a better risk tone prevalent in the European session so far, with the European equities building on gains seen over the last hour.
Meanwhile, the major now awaits a set of US manufacturing PMI reports due later today as the UK docket remains absolutely empty as the UK markets are closed in observance of May Day. While a series of PMI reports from the UK, including manufacturing,
construction and services PMI will be reported in the week ahead, apart from the crucial US employment data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4670/71 (Feb 4 & Apr 29 High), above which 1.4700 (round number) would be tested. On the flip side, support is seen at 1.4579/75 (daily S2/ Apr 29 Low) below that at 1.4522/1.4487 (10-DMA / 1h 200-SMA).
GBP/USD eyes UK PMIs this week
The GBP/USD pair trades +0.09% higher at 1.4614, having failed near daily S1 at 1.4635. The bid tone around the GBP/USD pair weakened a bit, as the bulls fail to benefit from a better risk tone prevalent in the European session so far, with the European equities building on gains seen over the last hour.
Meanwhile, the major now awaits a set of US manufacturing PMI reports due later today as the UK docket remains absolutely empty as the UK markets are closed in observance of May Day. While a series of PMI reports from the UK, including manufacturing,
construction and services PMI will be reported in the week ahead, apart from the crucial US employment data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4670/71 (Feb 4 & Apr 29 High), above which 1.4700 (round number) would be tested. On the flip side, support is seen at 1.4579/75 (daily S2/ Apr 29 Low) below that at 1.4522/1.4487 (10-DMA / 1h 200-SMA).