The GBP/USD pair moves sideways in the short term, that’s why we have to wait for fresh opportunities before taking action. It’s trading at 1.2441 at the time of writing. The bias remains bullish as the DXY remains under strong downside pressure.
Surprisingly or not, the currency pair increased even if the UK Retail Sales and Flash Manufacturing PMI came in worse than expected on Friday. On the other hand, the US Flash Manufacturing PMI and Flash Services PMI reported expansion in both sectors.
Today, the UK Rightmove HPI surged by 0.2% versus the 0.8% growth in the previous reporting period. Tomorrow, the UK is to release the CBI Industrial Production and Public Sector Net Borrowing. Still, the most important event is represented by the US CB Consumer Confidence, the indicator could drop from 104.2 to 104.1. Better than expected US figures should help the greenback to appreciate again.
GBP/USD Range Pattern!
Technically, the GBP/USD pair reached the upper median line (uml) which stands as a dynamic resistance. It’s trapped between 1.2353 and 1.2472 levels. The bias is bullish as long as it stays above the weekly pivot point of 1.2420.
Staying near the resistance levels may announce an imminent breakout. On the contrary, false breakouts with great separation may signal exhausted buyers.
GBP/USD Outlook!
A valid breakout through the upper median line (uml) and above 1.2472 activates further growth and represents a buying signal.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD pair moves sideways in the short term, that’s why we have to wait for fresh opportunities before taking action. It’s trading at 1.2441 at the time of writing. The bias remains bullish as the DXY remains under strong downside pressure.
Surprisingly or not, the currency pair increased even if the UK Retail Sales and Flash Manufacturing PMI came in worse than expected on Friday. On the other hand, the US Flash Manufacturing PMI and Flash Services PMI reported expansion in both sectors.
Today, the UK Rightmove HPI surged by 0.2% versus the 0.8% growth in the previous reporting period. Tomorrow, the UK is to release the CBI Industrial Production and Public Sector Net Borrowing. Still, the most important event is represented by the US CB Consumer Confidence, the indicator could drop from 104.2 to 104.1. Better than expected US figures should help the greenback to appreciate again.
GBP/USD Range Pattern!
Technically, the GBP/USD pair reached the upper median line (uml) which stands as a dynamic resistance. It’s trapped between 1.2353 and 1.2472 levels. The bias is bullish as long as it stays above the weekly pivot point of 1.2420.
Staying near the resistance levels may announce an imminent breakout. On the contrary, false breakouts with great separation may signal exhausted buyers.
GBP/USD Outlook!
A valid breakout through the upper median line (uml) and above 1.2472 activates further growth and represents a buying signal.
The material has been provided by InstaForex Company – www.instaforex.com
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