GBPUSD Trades Lower After Dissapointing Manufacturing PMI
GBPUSD gives up 0.49% at 1.2101 after United Kingdom Markit Manufacturing PMI came in at 47.4, below forecasts of 48.4 in August. UK lawmakers will return to Parliament tomorrow and that might accelerate the developments around Brexit.
GBPUSD trading lower for fourth day in a row canceling the recent positive momentum. On the upside immediate resistance now stands at 1.2174 the daily high and then at 1.2335 the 50 day moving average. On the downside immediate resistance stands at 1.2091 today’s low while extra support is at 1.2063 the low from August 20. Intraday traders can enter a long position if the pair breaks above 1.2174 daily high, targeting a break above 1.22, a stop order should be activated at 1.21. Short positions from here targeting 1.20 should place stop loss orders at 1.2138 the Friday’s low. Traders must be very cautious with GBPUSD as the developments around Brexit will add to volatility.