GBP/USD: technical picture

GBP/USD is testing the levels below $1.5300 (50% Fibo) after having touched $1.5375 (61.8% Fibo) on Monday. Note that yesterday the cable closed the day above the $1.5300 hurdle.

Pound found support on strong UK manufacturing PMI (51.3 vs. 50.3 forecasted and 50.2 pervious) and downbeat US figures. Today the UK construction PMI has also showed improvement (50.8 vs. 49.7 forecasted and 49.4 previous). Tomorrow watch the services PMI, while on Thursday the BoE holds the monthly monetary policy meeting (no changes is expected).

Support: $1.5280, $1.5240, $1.5200

Resistance: $1.5300/10, $1.5370, $1.5400

Chart. H4 GBP/USD


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