GBP/USD Price Analysis: Improves to near 1.2700 followed by the monthly high
GBP/USD recovers its recent gains, trading higher near 1.2690 during the Asian session on Wednesday. The psychological level at 1.2700 appears as the immediate resistance followed by the weekly high of 1.2747 aligned with the major barrier at 1.2750. A breakthrough above the major barrier could influence the GBP/USD pair to revisit the monthly high at 1.2785 followed by the psychological level at 1.2800.
On the downside, the GBP/USD pair could find support at the major level 1.2650 aligned with the 23.6% Fibonacci retracement at 1.2648. A break below the latter could lead the pair to test the 50-day Exponential Moving Average (EMA) at 1.2632 before the psychological support at 1.2600 level. If the pair moves below the psychological support, it could approach the 38.2% Fibonacci retracement at 1.2532. Read more...
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GBP/USD recovers its losses below 1.2700 ahead of UK, US PMI data
The GBP/USD pair recovers its recent losses during the early Asian trading hours on Wednesday. The major pair has flirted with four-day lows near around 1.2650 and rebounded to nearly the 1.2700 mark. Investors await the release of January’s UK advanced Manufacturing and Services PMI for fresh impetus. GBP/USD currently trades near 1.2693, up 0.06% for the day.
According to the Richmond Fed Manufacturing Survey, the composite manufacturing index for January fell to -15 from -11 in December, worse than the market expectation of -7. Among its three component indices, shipments increased from -17 to -15, new orders dropped from -14 to -16, and employment fell significantly from -1 to -15. Read more...
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