Forex Trading: GBPUSD Technical Analysis – November 01, 2019

The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Friday, increasing the value of GBPUSD to over 1,2900. The pair’s price rose after major economic news was released. The technical bias may remain bullish as the pair of prices denoted a higher high in the recent upside move

GBP/USD Technical Analysis

At present, the pair is being exchanged around 1.2951, an immediate horizontal resistance that prevents the pair’s price from exceeding over 1,3167, another trendline resistance appears around 1.3349, and then at 61.8% Fib Level resistance of 1.3452, as shown in the below chart.

GBPUSD

Moving to the downside,  At 23.6 percent, immediate support can be seen around 1,2761, which is likely to prevent the price from dropping lower, a while later the trendline support of 1,2609 appears, and then there is significant horizontal support around 1,2485, as demonstrated in the graph above. The technical bias shall remain bullish as long as 1.2761, the major horizontal support level remains unchanged.

GBP Markit Manufacturing PMI

In the United Kingdom, the figure concerning the Markit Manufacturing is increasing from 48.3 to 49.6 this month down beating the economist expectation of 48.1. The data is sourced from the news released by both the Chartered Institute of Purchasing & Supply and Markit Economics.

Markit Manufacturing Purchasing Managers (PMI) measures the manufacturing sector’s market conditions. Considering that the manufacturing sector constitutes a significant proportion of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic situation in the UK. Over 50 signals lead to a bullish market.

Trade Idea

Given the pair’s general price activity over the last few days, it can be a decent choice in the short to medium term to buy the GBPUSD around current levels. Therefore, adhering to the financial calendar is probably not going to succeed, you also need to discover intermediaries with an exceptional level of influence so that you can find some advantage when exchanging your pair.

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