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In Tuesday’s session, the UK Manufacturing PMI was published, which, was 48.3, lower than the 48.9 forecast, after that, the GBPUSD fell over 140 pips. ¿Will the bears continue to dominate the bulls, for the rest of the week?
On the 1 hour chart, we can see that the GBPUSD is below the 200 day moving average, which supports a bearish outlook for the following sessions. Now, the cable is trying to develop a higher low pattern, to override the support at 1.5095. If the pair makes a breakout in that support, could lead the GBPUSD to visit the support at 1.5045. The support at 1.5045 is very strong and if the cable does make a breakout in this support, it opens the way to visit the support at 1.4972. The MACD indicator is showing oversold levels, something that I see very normal at the moment and something that also supports my hypothesis of a possible development of a higher low pattern in the GBPUSD for today.
For today, we have the following key’s news events for the GBPUSD:
– 09:30 GMT: (UK) Construction PMI, which has a previous reading of 46.8 and a forecast of 47.7. If the reading is higher than the forecast, will have a “bullish” impact on the cable.
– 13:15 GMT: (US) The ADP Non-Farm Employment Change, which has a previous reading of 198K and a forecast of 203K. If the reading is higher than the forecast, will have a “bearish” impact on the cable.
– 15:00 GMT: (US) ISM Non-Manufacturing PMI, which has a previous reading of 56.0 and a forecast of 55.9. If the reading is higher than the forecast, will have a “bearish” impact on the cable.
