The GBP/USD extends its decline below July low, accelerating lower after UK Manufacturing PMI: the reading however, was not as bad as Pound weakness suggest, printing 51.8 as previous month, and barely below the expected 51.9. The reaction suggests market is heading into the American session with really high expectations on the upcoming data, which means if the number disappoints, the impact will be higher than if its positive.
Nevertheless, the pair maintains a strong bearish tone, with price well below its 20 SMA in the 4 hours chart and indicators heading strongly south despite in oversold territory. Immediate resistance stands at 1.6850 and it would take a steady recovery above it to see the pair recovering up to 1.6900/20 price zone.
A break below 1.6800 with the news on the other hand, should see price extending down to 1.6740, early June daily lows.
View Live Chart for GBP/USD
Nevertheless, the pair maintains a strong bearish tone, with price well below its 20 SMA in the 4 hours chart and indicators heading strongly south despite in oversold territory. Immediate resistance stands at 1.6850 and it would take a steady recovery above it to see the pair recovering up to 1.6900/20 price zone.
A break below 1.6800 with the news on the other hand, should see price extending down to 1.6740, early June daily lows.
View Live Chart for GBP/USD
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