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2 Mar 2015
GBP/USD could breach rising channel on weak UK PMI – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, gives the outlook for GBP/USD into the UK manufacturing PMI data release.
Key Quotes
“The GBP/USD pair is trading at 1.5406, which is the 23.6% retracement of 1.4949-1.5550 ahead of the UK PMI manufacturing data for February.”
“At the moment, the pair is trading at the rising channel support seen on the daily chart. Whether the rising channel is maintained depends upon the quality of the PMI report.”
“The final manufacturing PMI for February is seen rising slightly to 53.4, from the previous figure of 53.00. A weaker-than-expected print could send the pair down to 1.5342 levels. On the other hand, a slight uptick could push the pair to the 100-DMA located at 1.5450. Moreover, it would take a surprisingly strong PMI reading to see an upside move of more than 100-pips.”
“In any case, the pair remains bearish so long as it trades below 1.5478 (23.6% retracement of 1.7190-1.4949).”
Key Quotes
“The GBP/USD pair is trading at 1.5406, which is the 23.6% retracement of 1.4949-1.5550 ahead of the UK PMI manufacturing data for February.”
“At the moment, the pair is trading at the rising channel support seen on the daily chart. Whether the rising channel is maintained depends upon the quality of the PMI report.”
“The final manufacturing PMI for February is seen rising slightly to 53.4, from the previous figure of 53.00. A weaker-than-expected print could send the pair down to 1.5342 levels. On the other hand, a slight uptick could push the pair to the 100-DMA located at 1.5450. Moreover, it would take a surprisingly strong PMI reading to see an upside move of more than 100-pips.”
“In any case, the pair remains bearish so long as it trades below 1.5478 (23.6% retracement of 1.7190-1.4949).”