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1 Nov 2013
GBP/USD sidelined around 1.6020
FXstreet.com (Edinburgh) -The sterling is posting meager gains on Friday, with the GBP/USD prolonging its consolidation patter (in a daily chart) around 1.6020/25.
GBP/USD weaker ahead of data
The pair marginally trades in the red territory ahead of the key manufacturing PMI in the UK, where consensus expects the final figure to come in a tad lower to 56.1 during October from 56.7 in the previous month. Despite this small correction, the incipient recovery of the British economy would remain intact. That would be all from the UK docket, with US releases taking centre stage during the European afternoon – ISM Manufacturing and Markit PMI due. Analysts at the Swiss lender UBS remain bullish on the pair, adding “The latest weakness does not change the broader bullish picture. Any further downside should find strong support at 1.5894. Resistance is at 1.6145 ahead of 1.6260”.
GBP/USD critical levels
The pair is now losing 0.13% at 1.6018 with the next support at 1.5999 (low Oct.30) ahead of 1.5980 (76.4% of 1.5894-1.6258) and then 1.5940 (low Oct.17). On the flip side, a breakout of 1.6079 (high Oct.30) would bring 1.6086 (MA30d).
GBP/USD weaker ahead of data
The pair marginally trades in the red territory ahead of the key manufacturing PMI in the UK, where consensus expects the final figure to come in a tad lower to 56.1 during October from 56.7 in the previous month. Despite this small correction, the incipient recovery of the British economy would remain intact. That would be all from the UK docket, with US releases taking centre stage during the European afternoon – ISM Manufacturing and Markit PMI due. Analysts at the Swiss lender UBS remain bullish on the pair, adding “The latest weakness does not change the broader bullish picture. Any further downside should find strong support at 1.5894. Resistance is at 1.6145 ahead of 1.6260”.
GBP/USD critical levels
The pair is now losing 0.13% at 1.6018 with the next support at 1.5999 (low Oct.30) ahead of 1.5980 (76.4% of 1.5894-1.6258) and then 1.5940 (low Oct.17). On the flip side, a breakout of 1.6079 (high Oct.30) would bring 1.6086 (MA30d).