Forex Market Update

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The GBP/USD pair found some support near 1.2220 region, and from there attempts another run towards the mid-point of 1.22 handle, as focus now remains on the UK construction sector activity report due later in the European session.

The cable stalled its phase of steady decline in early Asia, and looks to regain the bids amid stalled USD buying and a better risk environment amid higher Asian equities and oil prices.

On Tuesday, the major witnessed two-way trades, after a stronger UK manufacturing PMI to 1.23 handle only to meet fresh supply on the release of better-than expected US ISM manufacturing PMI data to test 1.22 barrier.

GBP/USD Levels to consider 

In terms of technical levels, upside barriers are lined up at 1.2248 (daily pivot), 1.2277 (10-DMA) and 1.2298 (daily R1). While supports are seen at 1.2200 (round figure) and 1.2150 (multi-month lows) and below that at 1.2100 (zero figure).

Current exchange rate of GBP/USD is 1.2243.

Our Recommendation:
GBP/USD is going up in Forex market and it is recommended to buy.

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