OctaFX | OctaFX Forex Broker
Abrir una cuenta

GBP/USD: Anemic recovery stalls around hourly 50-MA

FXStreet (Barcelona) - The GBP/USD ran into offers around its hourly 50-MA currently seen at 1.5150 levels as the UK data was not strong enough to strengthen the anaemic GBP bulls.

Eyes US data

Sterling cheered a slightly better-than-expected UK manufacturing PMI report, however, the overall report was negative since the headline figure dropped to three month lows accompanied by a sharp drop in input price inflation and new orders inflow. Consequently, the recovery stalled at the session high of 1.5157.

Meanwhile, the sharp rise in the UK unit labor costs and improvement in the productivity has not had a meaningful impact on the cable. The focus now shifts to the US ISM manufacturing figure and weekly jobless claims due for release later today.

GBP/USD Technical Levels

At 1.5147, the immediate hurdle is seen at 1.5150 (hourly 50-MA), above which gains could be extended to 1.52 levels. On the other side, support is seen at 1.5107 (daily low) and 1.5089 (May 5 low).

European stocks stall the upsurge, PMIs weigh

The European stocks are currently cooling-off highs after the solid performance seen in the previous two sessions as the latest release of the German and the Eurozone final manufacturing PMI appear to have dampened investors’ sentiment.
Leer más Previous

AUD/USD bearish below 0.7202 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains negative while below the 0.7202 level (55-d MA)...
Leer más Next
Start livechat