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

Posted Monday, December 3, 2018 by
Arslan Butt • 1 min read

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!

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