Heads Up – Manufacturing PMI is up Next, How to Trade GBP/USD?

So far, it’s been a solid start to the week with three take profits in a row. GOLD, GBP/USD and EUR/USD closed at profit and the credit goes to a weaker dollar. As discussed earlier in our Dec 3 – Economic Events Outlook, the dollar is likely to trade with a bearish sentiment due to the delay in tariff hike.

For now, the UK Manufacturing PMI is in focus as the news may drive more volatility in the market. The figures are due at 9:30 (GMT), exactly in 30 mins. The GBP/USD is trading in a descending triangle pattern which is consistently supporting it above $1.2735.

Support Resistance
1.2721 1.2796
1.269 1.2841
1.2615 1.2916
Key Trading Level: 1.2765

On the upper side, the 20 periods EMA is extending a solid resistance near $1.28200 and double top pattern extending resistance near $1.2847. The idea is to stay bearish below $1.2850 and bullish above $1.2735.

Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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