The pound rallied on the back of strong Manufacturing PMI in the UK

5 September, 2016

The pound rallied on the back of strong Manufacturing PMI in theВ UK.

Current situation

A better-than-expected Manufacturing PMI supported the GBP/USD pair. The price grew from the session lows at 1.3130 to the daily highs at 1.3270. The pair was also supported by a weak U.S. Manufacturing PMI later the day. The price finished the day in the 1.3220 region. The instrument approached 1.3360 at the start of the North American session.

The price broke the 200-EMA and headed from it in the 4 hours chart. The moving averages direction is still downwards. The lines generate a sell signal. The current resistance is seen at 1.3360, the support exists at 1.3200.

MACD grew which indicates the sellers’ positions weakening. RSI approached the overbought area.

Trading recommendations

As long as market holding above 1.3200 the uptrend pressure will continue towards 1.3360. Conversely, the price will return below 1.3200 and further below 1.3100.


Source link  
Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

Gold prices remained in green

The bullish market structure remained in place on Thursday...

Gold prices traded in green

The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining...


Brent found a solid support after two day decline

Oil prices slightly rose on Friday morning due to the dollar's retreatment. However, Brent further growth was limited on the news that Russian oil production for February did change comparing to January...

Gold prices slightly fell

Gold prices retreated from fresh highs and spent the day in a consolidation. Sellers drove the spot to 1250 where the precious metal stayed in a tight range during the European session...

Oil prices recovered back

Oil prices rebounded from the oversold zone in the Asian session. Sellers failed to regain 55.50 and gave the way to buyers. Buyers took a chance and had reversed all Friday' losses by the Monday's noon...


Gold reached three-month highs

Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning...

The euro is under pressure amid growing concerns

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows...

EURUSD is having difficulties to go any higher

The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece...

  


Share: