Monday, November 2, 2015

GBP/USD sees moderate weakness, awaits UK data

FXStreet (Mumbai) - The GBP/USD pair is trading moderately weak in early Europe after weak China data capped risk appetite ahead of UK’s manufacturing PMI release.

Stuck between key levels

At 1.5430, the pair is trading between 1.5409 (38.2% of Apr-Jun rally) and 1.5482 (100-DMA). The investors await the UK data, which could show the growth in the manufacturing activity slid further in October.

Later in the day, the US monthly ISM manufacturing figure and the employment sub index could alter Fed rate hike bets and accordingly influence market’s appetite for the US dollars.

GBP/USD Technical Levels

The immediate support is seen at 1.5409 (38.2% of Apr-Jun rally), under which the losses could be extended to 1.5357 (hourly 200-MA) and 1.5338 (200-DMA). On the higher side, resistance is seen at 1.5482 (100-DMA), above which the pair could extend gains to 1.5547 (61.8% of 1.5819-1.5107).
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