U.K Manufacturing PMI Down 50.8 In Feb, GBPUSD Under Pressure !

Intro: The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

The U.K Manufacturing PMI fell 50.8, from 52.9 in the previous month, analysts had expected the indicator to fall 52.2 in the last month…

Market impact: The pair has already rejected from the key resistance 1.3967, added to that, the pair is in the overbought zone…Immediate support comes at the 1.3907 levels, a cut through the 1.3907 will accelerate the expected bearish move towards 1.3787 levels, above 1.3907 will keep pushing on the 1.3967 levels, above 1.3967 faces  limited gains towards 1.4057 levels…Anyway, selling the pair below 1.4057/1.3967 is highly recommended…

GBPUSD-H4- Feb 01

Further Reading:

GBPUSD Daily Forecast Mar 01 2016

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Outlook in GBPUSD remains on the downside as long as 1.4057 resistance holds on a daily closing basis, support comes at the 1.3787 levels,...

 

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