Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/USD Trade Idea

  • Cable is trading higher and breaks major resistance at 1.3550 level in the European session. The pair declined mildly after slightly weaker than expected UK manufacturing PMI data. The rise in pound sterling was mainly due to weakness in US dollar index. The pair hits high of 1.35663 and is currently trading around 1.3560.
     
  • UK manufacturing PMI came at 56.3 for the month of Dec compared to forecast of 57.90.The manufacturing output, new orders and employment increased sharply but decline was mainly due to input cost and price inflation.
     
  • On the lower side, near term support is around 1.3490 (10- 4H MA) and any break below will drag the pair to next level till 1.3445 (4H Kijun-Sen)/1.3360 (200- 4H EMA)/1.3300. Short term bullish invalidation only below 1.30280.
     
  • The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3655. Bullish continuation only above 1.3550.

It is good to buy on dips around 1.3500 with SL around 1.3435 for the TP of 1.3650.

 

Resistance
 

R1- 1.3560
 

R2 -1.3600
 

R3-1.3655
 

Support               
 

S1-1.3490
 

S2- 1.3445
 

S3-1.3360

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

October 18 09:00 UTC Released

ZAMining Production YY

Actual

-9.1 %

Forecast

-4 %

Previous

-5.2 %

October 18 09:00 UTC Released

ZAGold Production YY

Actual

-15.5 %

Forecast

Previous

-15 %

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 386784386784m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 386784386784m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 374964374964m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.