Pound Sterling Price News and Forecast: GBP/USD struggles to clear resistance level after PMI data

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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...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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