The U.K Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector.
The U.K Manufacturing Purchasing Managers’ Index (PMI) fell 51.4, from 51.9 in the previous month . The U.K Manufacturing Purchasing Managers’ Index (PMI) was expected to rise to 52.5 last month.
Market Impact : The has been rejected from the 1.57015 levels ( minor resistance) , eyes on 1.5650 next , anyway : the next H-4 closure will be in 25 minutes , I’m gonna update forecast after 30 min. stay tuned !!!
Note that daily chart support comes at the 1.5700 levels !!!
Update: As long as 1.5733 resistance holds on a 4-hour closing basis, Intraday outlook in GBPUSD remains on the downside towards the 1.5600 levels , a halt is likely , but a cut would open 1.5550 next, further down, support comes at the 1.5500 levels. On the upside, break of 1.5733 will reverse risk towards main resistance 1.5788 , anyway, to prevent the risk of a fall towards the 1.5600 levels. The GBPUSD will have to hold above the 1.5788 levels on a 4- hour closing basis, otherwise risk remains on the downside even in case of recovery !!!
Note : As long as 1.5788 resistance holds , negative U.S data should be taken as an opportunity to sell on recovery !