UK Manufacturing PMI declines to 51.6 , GBPUSD sees more losses !

Forex 65236 1

The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. 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.

Usual Effect: A high reading or a better than expected number is seen as positive  for theGBP, while a low reading is negative.

Last Read : 52.5

Expectations : 52.5

Actual : 51.6

Volatility : High Volatility

Market Impact :

GBPUSD remains under pressure as the daily suggests , eyes on the 1.6140/1.6090 levels followed by the 1.6051 levels , for further reading  :

GBPUSD Daily Forecast Oct 01 2014


Update : Intraday support and resistance : 1.6051 (main) , 1.6090 , 1.6140 , 1.6166 (main) , 1.6210 , 1.6245 , 1.6286(main), 1.6330.




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