GBP/USD: Upbeat UK services PMI may rescue the bird

OANDA:GBPUSD   British Pound / U.S. Dollar
The sell-off in the bird appears to have stalled around 1.2930 levels in line with the oversold intraday indicators.
UK services PMI for September is likely to show the pace of expansion in the activity slowed somewhat,
however, note that both manufacturing and construction PMI bettered estimates. Hence, the odds of a blow out services PMI number are high.

Pound could revisit hourly 50-MA level located at 1.28 levels if the service PMI beats estimates.

Furthermore, IMF has come up with a bearish call on Pound, saying the bird may drop on Brexit reality. The fund is known to lag markets big time and hence one is compelled to think the currency may have hit a short-term bottom.

However, don’t get too optimistic as we have US ISM non-manufacturing report and ADP report due for release later in the day. It is worth mentioning that major support on the downside is seen directly around 1.2590.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out