Pound Sterling Price News and Forecast: GBP/USD struggles to clear resistance level after PMI data
|GBP/USD Forecast: Pound Sterling struggles to clear resistance level after PMI data
GBP/USD retreats to the 1.3400 area in the European session on Thursday after ending the first three days of the week higher. The pair's technical outlook highlights a loss of bullish momentum as market focus shifts to Purchasing Managers Index (PMI) data releases from the US.
The data from the UK showed early Thursday that the economic activity in the private sector contracted at a softer pace in May than it did in April, with S&P Global Composite PMI recovering to 49.4 from 48.5. Read more...
GBP/USD bullish price action trade [Video]
In this forex trading video we cover the entry,exit reasons and management for our forex trade today on the GBP/USD and how you can trade the forex structure on daily, four, hourly, and 15 minute charts and how you can target the next support/resistance. In the last few videos we covered the steps to find and trade structure. In this video you will learn how we traded the GBP/USD structure today using the trading charts and price action. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.