This is the third trading day of the week, the GBPUSD constantly putting its position bullish and trying to recover itself, to some degree recovered itself and today it has the price more than 1,2900. To add to all the other aspects, the United Kingdom news also played a crucial role in jacking up the price. Nonetheless, the technical bias might remain bearish because of the lower low wave shown in the last downside move.
GBP/USD: Technical Analysis
At now, the price of the GBPUSD is being offered at 1.2972, There are resistances ahead of the price, which might cause obstacles in the forward movement of the price. the trendline resistance which is standing just above the price is at 1.2989, soon after it, there is another trendline at 1.3142, and then major horizontal resistance comes at 1.3199.
This is very helpful for the GBPUSD, it is supported by the number of support levels, it is immediately aided by the trendline support at 1.2829, ahead of the level of Fibonacci at 1.2629, and then the major horizontal support is at 1.2195.
GBP Markit Services PMI
The PMI service released on February 05, 2020, is laid at 53.9, which is much better than last month’s index and a projection of 52.9 by economists. It describes the salaries and working conditions. Traders want the highest reading possible because this will be seen as good for the GBP. More than 50 readings are called bullish.
Although the GBPUSD just satisfies short-term traders with that recent move. But that doesn’t mean traders won’t be able to invest in it for the long-term.