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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.

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January 19 13:00 UTC Released

PLRetail Sales YY

Actual

6 0

Forecast

8.7 0

Previous

10.2 0

January 19 13:00 UTC Released

PLPPI YY

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0.3 0

Forecast

0.65 0

Previous

1.8 0

January 19 13:30 UTC 1515m

CAManufacturing Sales MM

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Previous

-0.4 %

January 19 13:30 UTC 1515m

CASecurities Cdns C$ MM

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16.49 Bln CAD

January 19 13:30 UTC 1515m

CASecurities Foreign C$ MM

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20.81 Bln CAD

January 19 15:00 UTC 105105m

USU Mich Sentiment Prelim

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95.9 %

January 19 15:00 UTC 105105m

USU Mich Conditions Prelim

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113.8 %

January 19 15:00 UTC 105105m

USU Mich Expectations Prelim

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84.3 %

January 19 15:00 UTC 105105m

USU Mich 1Yr Inf Prelim

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Forecast

Previous

2.7 %

January 19 15:00 UTC 105105m

USYr Inf Prelim

Actual

Forecast

Previous

2.4 %

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