- UK Manufacturing and Services PMI surpass market expectations.
- GBP/USD bulls failed to capitalize on the intraday positive move.
The GBP/USD pair faded an intraday bullish spike to fresh two-week tops, levels beyond mid-1.3100s, and has now retreated to the lower end of its daily trading range.
Following the previous session's modest pullback, the pair managed to regain some positive traction on the last day of the week and the uptick got a minor lift following the release of stronger-than-expected UK PMI prints.
In fact, the flash version of the UK Manufacturing PMI for January moved closer to the expansion territory and came in at 49.8 as compared to a bounce to 48.9 expected and the previous month's final reading of 47.5.
Adding to this, the preliminary UK Services PMI also bettered market expectations by printing 52.9 for January and prompted traders to scale back expectations of a BoE rate cut at its policy meeting next week.
Despite the supporting factors, the pair failed to capitalize on the positive momentum, rather met with some aggressive supply at higher levels and quickly retreated around 45-50 pips over the past hour or so.
It will now be interesting to see if the pair is able to attract any dip-buying at lower levels or the current pullback marks the end of the recent positive momentum and the resumption of the prior corrective slide.
Technical levels to watch
|Today last price||1.3149|
|Today Daily Change||0.0029|
|Today Daily Change %||0.22|
|Today daily open||1.312|
|Previous Daily High||1.3152|
|Previous Daily Low||1.3097|
|Previous Weekly High||1.312|
|Previous Weekly Low||1.2954|
|Previous Monthly High||1.3515|
|Previous Monthly Low||1.2896|
|Daily Fibonacci 38.2%||1.3118|
|Daily Fibonacci 61.8%||1.3131|
|Daily Pivot Point S1||1.3094|
|Daily Pivot Point S2||1.3068|
|Daily Pivot Point S3||1.3039|
|Daily Pivot Point R1||1.3149|
|Daily Pivot Point R2||1.3178|
|Daily Pivot Point R3||1.3204|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.