Rising trend line could be put to test after dismal UK PMI relea

FX:GBPUSD   British Pound / U.S. Dollar
Hourly Chart – Rising trend line , overbought RSI

Support – 1.4696, 1.4650

Resistance – 1.4769, 1.4805

  • UK manufacturing PMI came-in to 49.2 the lowest since February 2013. This is a negative surprise; given the CBI             total trends data released last week had shown improvement in the activity.
  • Consequently, the pair may test rising trend line support seen on hourly chart at 1.4650 levels.
  • Traders need to watch out for a rebound from 1.47 handle, which could be followed by a move back to daily high of 1.4769.
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