GBP/USD Fades a Spike to 1.4640, US PMI in Focus

GBP/USD Fades a Spike to 1.4640, US PMI in Focus

2 May 2016, 12:32
Roberto Jacobs
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GBP/USD Fades a Spike to 1.4640, US PMI in Focus

The GBP/USD pair is seen wavering back and forth in 40-pips narrow range, with no fresh fundamental triggers as the UK markets remain closed on account of a public holiday.

GBP/USD eyes UK PMIs this week

The GBP/USD pair trades +0.09% higher at 1.4614, having failed near daily S1 at 1.4635. The bid tone around the GBP/USD pair weakened a bit, as the bulls fail to benefit from a better risk tone prevalent in the European session so far, with the European equities building on gains seen over the last hour.

Meanwhile, the major now awaits a set of US manufacturing PMI reports due later today as the UK docket remains absolutely empty as the UK markets are closed in observance of May Day. While a series of PMI reports from the UK, including manufacturing,
construction and services PMI will be reported in the week ahead, apart from the crucial US employment data.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4670/71 (Feb 4 & Apr 29 High), above which 1.4700 (round number) would be tested. On the flip side, support is seen at 1.4579/75 (daily S2/ Apr 29 Low) below that at 1.4522/1.4487 (10-DMA / 1h 200-SMA).


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