GBP/USD Makes Slight Recovery But Remains Under Pressure, Awaiting GBP PMI
GBP/USD started an uptrend rise since yesterday, as Carney's accepted to extend his duties as head of BOE. The US dollar index remains on track, but touches 98.31 low yesterday as US data failed to meet expectations, awaiting US elections. The pair opened today at 1.2233, sank to 1.2210 low, then recovered and took a hawkish mood clocking a high at 1.2244, currently trading at 1.2226 intraday.
GBP/USD still remains under pressure on strong US economy, but it's currently stable trading above it's Daily Pp .12212. Today, the pound undergoes a test where it might have the chance to extend it's further recovery as GBP PMI data awaits.
Trend: Bearish with short-term-upswing.
Key levels to watch: Daily Pp 1.2212
First Resistance : R1 1.2272 , R2 1.2312, R3 1.2350
First Support : S1 12190, S2 1.2145, S3 1.2102
Remark: GBP/USD trend between S1 and R1, but look forward for today's GBP manufacturing PMI at 9:30 GMT, the pair is expected to be volatile depending on the British outcome.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.