GBP/USD Outlook: Better than expected UK PMI data keep pound afloat despite weaker euro and firm dollar
GBP/USD
Cable was dragged by weaker Euro after German court announcement and hit session low at 1.2420, but better than expected UK PMI data (Services Apr 13.4 vs 12.2 f/c/Composite Apr 13.8 vs 12.9 f/c) offset negative impact and inflated pound again.
The pair bounced from daily Kijun-sen (1.2405) which contained yesterday's extension of two-day pullback and offering solid support for now, but the dollar remains firm and may weigh on fresh recovery attempts.
Daily studies lack clearer signal as MA's are mixed and momentum and RSI in the neutrality zone. Daily Tenkan-sen (1.2470) marks initial barrier, with break here and above round-figure 1.2500 to ease downside risk. Conversely, close below Kijun-sen would weaken near-term structure and risk dip towards daily cloud top (1.2309).
Res: 1.2470; 1.2500; 1.2524; 1.2599
Sup: 1.2405; 1.2355; 1.2309; 1.2247
Interested in GBPUSD technicals? Check out the key levels
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.