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1 Apr 2014
GBP/USD drifting away from the lows
FXStreet (Guatemala) - Currently, GBP/USD is trading at 1.6643, down -0.11% on the day, having posted a daily high at 1.6677 and low at 1.6618.
GBP/USD reaction to data releases
Strategists at TD Securities noted that the UK’s manufacturing PMI slipped from a downwardly-revised 56.2 (originally 56.9) to 55.3 in March (mkt 56.7), its lowest level in 8 months, with the report full of mixed signals. “The outlook for the manufacturing side still looks quite strong, and the PMI is still about 4pts above its long-run average. But we're just not seeing the breakneck speed of growth from before”. Meanwhile, we had the US ISM Manufacturing PMI rising less than expected in March. Overall, GBP/USD has remained lower post UK readings although recovered 20 pips off the lows post US PMI’s miss.
GBP/USD Levels
Spot is presently trading at 1.6645, and next resistance can be seen at 1.6651 (Hourly 20 EMA), 1.6653 (Daily Classic PP), 1.6661 (Daily Open), 1.6662 (Weekly High) and 1.6677 (Daily High). Next support to the downside can be found at 1.6622 (Hourly 100 SMA), 1.6621 (Daily Classic S1), 1.6618 (Daily Low), 1.6612 (Yesterday's Low) and 1.6600 (Daily 20 SMA).
GBP/USD reaction to data releases
Strategists at TD Securities noted that the UK’s manufacturing PMI slipped from a downwardly-revised 56.2 (originally 56.9) to 55.3 in March (mkt 56.7), its lowest level in 8 months, with the report full of mixed signals. “The outlook for the manufacturing side still looks quite strong, and the PMI is still about 4pts above its long-run average. But we're just not seeing the breakneck speed of growth from before”. Meanwhile, we had the US ISM Manufacturing PMI rising less than expected in March. Overall, GBP/USD has remained lower post UK readings although recovered 20 pips off the lows post US PMI’s miss.
GBP/USD Levels
Spot is presently trading at 1.6645, and next resistance can be seen at 1.6651 (Hourly 20 EMA), 1.6653 (Daily Classic PP), 1.6661 (Daily Open), 1.6662 (Weekly High) and 1.6677 (Daily High). Next support to the downside can be found at 1.6622 (Hourly 100 SMA), 1.6621 (Daily Classic S1), 1.6618 (Daily Low), 1.6612 (Yesterday's Low) and 1.6600 (Daily 20 SMA).