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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

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

 

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