Author Topic: GBP/USD bulls irritating to defend 1.2700 handles ahead of US ISM PMI  (Read 176 times)

Offline TraderSmith

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Forex Market News - GBP/USD bulls irritating to defend 1. 2700 handles ahead of US ISM PMI
 
     Brexit uncertainties continue to dent sentiment surrounding the British Pound.
     The USD recovers a portion of primeval losses and added to the downward progress.
     Traders now eye US ISM manufacturing PMI for some curt-term trading impetus.
 
The GBP/USD pair remained heavily offered through the to the front North-American session, subsequent to bears still awaiting a decisive crack knocked out the 1. 2700 handle.
 
The pair witnessed a hasty turnaround since the to the front European session and drifted into negative territory for the third consecutive session, retreating greater than 120-pips from an intraday high level of 1. 2825. 
 
The downfall lacked any obvious catalyst and occurred despite stronger than traditional UK manufacturing PMI print for Nov. , even though persistent Brexit uncertainties seemed to be one of the key factors continuing to dent sentiment surrounding the British Pound. 
 
Meanwhile, the US Dollar recovered a share of them to come to a steep halt, led by the latest optimism at the forefront-thinking than the US-China trade truce, and auxiliary collaborated towards frustrating the selling pressure.
 
Adding to this, possibilities of some highly developed selling knocked out the 1. 2725 retain (Nov.  monthly lows) exerted some new downward pressure and dragged the pair to its lowest level by now late-Oct. 
 
Bulls, however, now seemed to suit out some resilience stuffy the 1. 2700 handles, behind the pair speedily recovering few pips from daily lows to currently trade in the region of the 1. 2715-20 region.   
 
Market participants now sky tackle to the forgive of ISM manufacturing PMI, a key emphasis from today's US economic docket, for some lighthearted impetus and in order to grab some hasty-term opportunities.
 
Technical levels to watch
 
On a sustained suspension below the mentioned handle, the pair is likely to accelerate the slip auxiliary towards psychotherapy 2018 yearly lows assistance stuffy the 1. 2665-60 region.  On the flip side, quick resistance is now pegged close the 1. 2740 level, above which a bout of quick-covering could serve the pair to slant pro towards reclaiming the 1. 2800 handles following some intermediate resistance near the 1. 2770 level.
 
 
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