UK Manufacturing PMI ticked lower, down to 51.6 from previous 52.5, which put some further pressure on the GBP, trading now below 1.6200 against the greenback. Dollar remains king amongst currencies, albeit movements are limited as expected, ahead of ECB and US employment figures later on the week.
As for the technical picture, the 4 hours chart for GBP/USD shows price above its daily low of 1.6161, yet with technical readings maintaining a bearish tone, as indicators head south below their midlines, and 20 SMA maintaining a strong bearish slope well above current price. Key resistance comes at the 1.6230/40 area, 61.8% retracement of the latest bullish run and mentioned 20 SMA. A pullback to the level may attract sellers, keeping the upside limited, while a break below 1.6160 should fuel the selling interest, pushing the pair down to 1.6100/20 price zone.
View Live Chart for GBP/USD
As for the technical picture, the 4 hours chart for GBP/USD shows price above its daily low of 1.6161, yet with technical readings maintaining a bearish tone, as indicators head south below their midlines, and 20 SMA maintaining a strong bearish slope well above current price. Key resistance comes at the 1.6230/40 area, 61.8% retracement of the latest bullish run and mentioned 20 SMA. A pullback to the level may attract sellers, keeping the upside limited, while a break below 1.6160 should fuel the selling interest, pushing the pair down to 1.6100/20 price zone.
View Live Chart for GBP/USD
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