FxWirePro: GBP/USD trades slightly weak after weaker than expected UK Construction PMI, good to sell on rallies

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FxWirePro: GBP/USD trades slightly weak after weaker than expected UK Construction PMI, good to sell on rallies

Wednesday, January 3, 2018 9:52 AM UTC

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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 31 00:00 UTC 240345240345m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

Bln AR bln ARS

January 22 19:00 UTC 252165252165m

ARTrade Balance

Actual

Forecast

-1541 %

January 31 00:00 UTC 240345240345m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 240345240345m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

January 31 00:00 UTC 240345240345m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Bln AR bln ARS

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