FxWirePro: GBP/USD trades slightly weak after weaker than expected UK Construction PMI, good to sell on rallies
Candle stick pattern – Bearish engulfing pattern (One hour chart)
Cable hits high of 1.36125 at the time of writing and shown a minor decline from that level. The slight dip was mainly due to weaker than expected UK construction PMI data. The pair declined only 8 pips after the data. The rise in pound sterling was mainly due to weakness in US dollar index. The pair hits low of 1.3858 and is currently trading around 1.35906.
UK manufacturing PMI which came yesterday also came slightly below expectations .it came at 56.3 for the month of Dec compared to forecast of 57.90. Britain’s construction PMI came at 52.2 vs forecast of 53. The new orders came in at 53.1 highest since May 2017.
On the lower side, near term support is around 1.3545 (55 H EMA) and any break below will drag the pair to next level till 1.3500/1.3460 (200- H EMA)/1.3435. Short term bullish invalidation only below 1.30280.
The near term resistance is around 1.3600 and any break above will take the pair to next level till 1.3655/1.3700. Bullish continuation only above 1.3650.
It is good to sell on rallies around 1.3575-80 with SL around 1.3630 for the TP of 1.3500/1.3460.
April 20 19:00 UTC Released
USCattle Marketed
Actual
96 %
Forecast
95.9 %
Previous
102 %
April 20 19:00 UTC Released
USCattle On Feed
Actual
107 %
Forecast
107.5 %
Previous
109 %
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS
January 22 19:00 UTC 127026m
ARTrade Balance
Actual
Forecast
Previous
-1541 %
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS
January 22 19:00 UTC 127026m
ARTrade Balance
Actual
Forecast
Previous
-1541 %
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS
January 31 00:00 UTC 115206m
ARAnnual Primary Balance*
Actual
Forecast
2016 bln ARS
Previous
Bln AR bln ARS