- GBP/USD broke key level
- U.S. Flash Manufacturing and Services PMI
- World Economic Forum Annual Meetings Day 2
Price Movement
Since yesterday, GBP/USD has been bullish and had moved around 50pips.
Trend
GBP/USD is trending upwards.
Macro Background
The Manufacturing PMI measures the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
The Services PMI measures the level of a diffusion index based on surveyed purchasing managers in the services industry.
(Note: PMI of above 50.0 implies industry expansion whereas a figure of below 50.0 implies industry contraction.)
Both PMIs are forecasted to be worse than previous.
If both PMIs turn out to be as or worse than expected, as long as the data are at least 50.0, there may not be any big movements.
Important Issue
Day 2 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
GBP/USD broke the 1.30 level yesterday and is currently heading towards the 1.31 level.
Price Levels
Current Price: 1.30735
Next Resistance: 1.31658
Next Support: 1.30000