Forex Trading: GBPUSD Technical Analysis – November 08, 2019
The Great Britain Pound (GBP) inched lower against the US Dollar (USD) on Friday, decreasing the price of GBPUSD to less than 1,2800. The pair’s price fell 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
Currently, the pair is being exchanged around 1.2789, Immediate trendline support can be seen around 1,2691, which is likely to prevent the price falling lower, ahead of 1,2501, 32.8% Fib level support, and then significant horizontal support of 1,2294, demonstrated in the chart below.
Moving to the upside, an immediate major horizontal resistance that prevents the pair’s price from exceeding over can be witnessed around 1,2837, ahead of 1.2844, trendline resistance and then another trendline resistance of 1.2902 shown in the above chart. The technical bias shall remain bullish as long as 1.2837, 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.
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.