The pound continues to gain ground and has risen 1.0% this week. In North American trade, GBP/USD is trading at 1.3182, up 0.37% on the day. On the release front, British Services PMI dropped to 48.9, missing the estimate of 51.0 points. This marked the first decline since June 2017. In the U.S., employment and services data was softer than expected. ADP nonfarm payrolls was dismal, falling to 129 thousand, down from 183 thousand in the previous release. ISM Non-Manufacturing PMI also stumbled, falling from 59.7 to 56.1 points. On Thursday, the U.S. releases unemployment claims.
Soft U.S. numbers this week have raised concerns about the strength of the U.S. economy. The Non-Manufacturing PMI slowed considerably, although it still indicated expansion. Durable goods orders plunged 1.6%, and retail sales fell by 0.2%. The weak numbers have weighed on the dollar, allowing the pound to gain ground despite turmoil and uncertainty over Brexit. Analysts are keeping an eye on GDP, and there are growing worries that first quarter numbers could be dismal. Growth for the first quarter could be as low as 0.8% annualized, compared to 2.2% in the fourth quarter.
GBP/USD was flat in the Asian session. The pair posted slight gains in European trade and the upward movement continues in North American trade
•1.3070 is providing support
•1.3170 is under pressure in resistance
•Current range: 1.3070 to 1.3170
Further levels in both directions:
•Below: 1.3070, 1.2910 and 1.2841
•Above: 1.3170, 1.3258, 1.3362 and 1.3460
How To Trade Forex Using Support and Resistance LevelsSoft U.S. numbers this week have raised concerns about the strength of the U.S. economy. The Non-Manufacturing PMI slowed considerably, although it still indicated expansion. Durable goods orders plunged 1.6%, and retail sales fell by 0.2%. The weak numbers have weighed on the dollar, allowing the pound to gain ground despite turmoil and uncertainty over Brexit. Analysts are keeping an eye on GDP, and there are growing worries that first quarter numbers could be dismal. Growth for the first quarter could be as low as 0.8% annualized, compared to 2.2% in the fourth quarter.
GBP/USD was flat in the Asian session. The pair posted slight gains in European trade and the upward movement continues in North American trade
•1.3070 is providing support
•1.3170 is under pressure in resistance
•Current range: 1.3070 to 1.3170
Further levels in both directions:
•Below: 1.3070, 1.2910 and 1.2841
•Above: 1.3170, 1.3258, 1.3362 and 1.3460
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