GBP/USD Technical Analysis: Disappointing UK PMI prompts some profit-taking amid overbought conditions
• The British Pound surged across the board amid the latest Brexit optimism, helping the pair to finally break through a two-week-old descending trend-line resistance.
• A strong momentum beyond 200-hour SMA adds credence to the bullish breakout, though overbought conditions on the 1-hourly chart hindered any further up-move.
• Disappointing UK manufacturing PMI gave traders another reason to take some profits off the table ahead of the latest BoE monetary policy update.
• Technical set-up, however, favors an extension of the positive momentum and hence, any meaningful dips are likely to be bought into near the 1.2830 region.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.2886
Daily change: 1.2e+2 pips
Daily change: 0.940%
Daily Open: 1.2766
Trends:
Daily SMA20: 1.3012
Daily SMA50: 1.3015
Daily SMA100: 1.3048
Daily SMA200: 1.3441
Levels:
Daily High: 1.2832
Daily Low: 1.2699
Weekly High: 1.3092
Weekly Low: 1.2777
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.2781
Daily Fibonacci 61.8%: 1.275
Daily Pivot Point S1: 1.2699
Daily Pivot Point S2: 1.2632
Daily Pivot Point S3: 1.2565
Daily Pivot Point R1: 1.2832
Daily Pivot Point R2: 1.2899
Daily Pivot Point R3: 1.2966