- UK's stricter lockdown measures assisted GBP/USD to gain some traction on Tuesday.
- Mixed UK Manufacturing and Services PMIs did little to provide any meaningful impetus.
- Some aggressive USD selling remained supportive of the strong intraday positive move.
The GBP/USD pair climbed to fresh session tops, with bulls now looking to build on the momentum beyond the 1.1700 mark despite mixed UK PMI prints.
The sterling regained some positive traction on Tuesday and was being supported by the UK Prime Minister Boris Johnson's stricter lockdown measures to combat the COVID-19 pandemic.
The bid tone surrounding the British pound remained unabated following the disappointing release of the UK Services PMI, which was largely negated by slightly better Manufacturing PMI print.
The flash version of the UK Services PMI dropped to 35.7 in March, showing a sharp contraction in the business activity, while the UK Manufacturing PMI edged lower to 48 vs. 45 expected.
It will now be interesting to see if the pair is able to capitalize on the momentum or once again meets with some fresh supply at higher levels as the focus now shifts to the release of the US PMI prints.
Technical levels to watch
|Today last price||1.1661|
|Today Daily Change||0.0115|
|Today Daily Change %||1.00|
|Today daily open||1.1546|
|Previous Daily High||1.1715|
|Previous Daily Low||1.1447|
|Previous Weekly High||1.24|
|Previous Weekly Low||1.1412|
|Previous Monthly High||1.3204|
|Previous Monthly Low||1.2726|
|Daily Fibonacci 38.2%||1.1549|
|Daily Fibonacci 61.8%||1.1612|
|Daily Pivot Point S1||1.1424|
|Daily Pivot Point S2||1.1302|
|Daily Pivot Point S3||1.1156|
|Daily Pivot Point R1||1.1691|
|Daily Pivot Point R2||1.1837|
|Daily Pivot Point R3||1.1959|
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