A fairly nice beginning to the GBPUSD trading week, it inched higher on the graph today at a price of more than 1.3000. Through maintaining the momentum of growth continues, it is presumed that it will soon achieve the highest position. The price rise was due to recent positive economic news from the UK. The technical bias may remain bullish because of the higher high prices printed during the last upside move.
GBP/USD: Technical Analysis
At the price of 1.3084, today the GBPUSD quoted itself on the graph attached below. on the above, the price, the graph depicted the resistance at a different interval, which may not allow the price to move further. The price may face the first resistance is the trendline resistance 1.3111 which is passing just above the price, soon after it, the Fibonacci level of 1.3147 stands and then at a quite distance the major horizontal resistance of 1.3501 comes.
At the moment, the pair’s price is aided with the number of support levels, that provide potential support in order to raise the price above this level, At the 1.2982, the graph is exhibited with the trendline support, afterward, we have seen the confluence of trendline and 32.8% Fib level at 1.2961, and then major horizontal support stands at 1.2732.
UK Index of Manufacturing Purchasing Managers
The Index of Manufacturing Purchasing Managers (PMI) published on January 24, 2020, with a positive record of 49.8, it jumped from 47.5 (last month’s report), and also marginally above the economist forecast of 48.9. Due to the fact that the manufacturing sector constitutes a significant part of the total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic situation in the UK.
For the GBP, a result above 50 signals is bullish, while a result below 50 is viewed as bearish.
The stock now has the level of immediate support that could push the price above that stage. Hence there is an opportunity to make a transparent investment for both short and long-term traders.