Global macro overview for 02/12/2016
December 2, 2016 11:37 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Global macro overview for 02/12/2016:
The manufacturing PMI data from the UK were released yesterday and they fell short of the market expectations. The index unexpectedly fell to 53.4 in November, while market participants expected the score of 54.4 points after the previous 52.2 figure. Nevertheless, the rate of expansion is still “solid” according to IHS Markit. This was the second month of decline in the UK’s manufacturing sector, but the index still remains above the 50 mark which separates contraction from expansion. In conclusion, the UK economy was widely expected to experience a strong shock and decline significantly after the Brexit, but confidence quickly recovered to the pre-referendum levels and has been improving so far.
Let’s now take a look at the GBP/USD technical picture on the 4H time frame. Bulls managed to break above the technical resistance at the level of 1.2532 which turned into support and tested the next technical resistance at 1.2676. Currently, the market is reversing slightly, but the support at the level of 1.2532 has not been violated so far, as traders are expecting more news from US this afternoon.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: