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Fxwirepro: Gbp/usd Dips Below Lower Range, Bearish Bias Increases

  • GBP/USD declined sharply on Wednesday as sterling was weighted down after as a weaker-than-expected batch of economic data added to political nerves that have begun to weigh on the currency again after last year’s Brexit vote.
     
  • A regular survey of manufacturing purchasing managers on Wednesday showed the factory sector holding on to much of its post-Brexit vote momentum while growing more slowly in February than expected.
     
  • The Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) also showed a slight easing in inflation pressures, which had been rising at a record pace after the tumble in the value of the pound triggered by the decision to leave the European Union.
     
  • The overall manufacturing PMI slipped to 54.6 from 55.7 in January, below the median forecast of 55.6.
     
  • A stronger U.S. dollar also added losses for the Sterling as the dollar firmed after rate hike comments from  U.S. Federal Reserve officials.
     
  • Further upside for this pair is expected to be limited as strong resistance level at 1.2433 is set to limit further upside and bring decline towards lower levels.
     
  • To the upside, immediate resistance can be seen at 1.2349, a break above this level would expose the cable to next resistance level at 1.2433 levels.
     
  • To the downside strong support can be seen at 1.2265, a break below at this level will open the door towards next level at 1.2212.

    Resistance Levels

    R1:  1.2349 (50% Retracement level)

    R2: 1.2433 (61.8 % Retracement level)

    R3: 1.2471 (Feb 28th high)

    Support Levels

    S1: 1.2265 (38.2 % Retracement level)                   

    S2: 1.2212 (Jan 1st lows)

    S3: 1.23159 (23.6 % Retracement level)

The material has been provided by InstaForex Company – www.instaforex.com

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Daily Video Analysis on AUD/USD – 1st March 2017

Ask me questions here : http://forum.mt5.com/showthread.php?129814-Analytical-reviews-by-Dean-Leo-discussions-and-questions-to-the-authorWe take an in-depth look on AUD/USD to see if there are any trading opportunities available for us to trade off and…