GBPUSD at levels not seen for 31 years

GBPUSD at levels not seen for 31 years


  • Buz Traders GBPUSD at levels not seen for 31 years At 09:40 GMT, the pair is trading at 1.2714, with the Pound trading 0.06% lower against US Dollar from the New York close.
  • In economic news, UK’s Markit services PMI expanded more-than-expected in September. The pair witnessed a high of 1.2746 and a low of 1.2683 during the session.
  • Yesterday, the Pound traded 0.31% lower against the US Dollar in the New York session and ended at 1.2722. Immediate downside, the first support level is seen at 1.2673, while on the upside, the first resistance level is situated at 1.2765.

GBPUSD at levels not seen against the U.S. dollar

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GBPUSD at levels not seen for 31 years Looking at the daily chart, however, because we can draw trend lines (and channels), we can project targets by connecting lows.  In the chart, the lower channel trend line cuts across at the the 1.2696 level (let’s call it 1.2700).  That is the next target from a longer term perspective.  If the trend continues lower, that line will come in play (PS the low today got to 1.2718 so far).
What else can we see from other charts with regard to bullish/bearish trading clues for this pair?

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GBPUSD at levels not seen for 31 years

Looking at the 5-minute intraday chart, we get a different perspective.  For this, you can see a slowing of the trend move lower. The low for the day – just before the ECB fireworks – bottomed at a lower channel trend line on the chart.  The rally after the headlines, went back to the topside trend line.  The subsequent low found buyers ahead of the day’s lows. The 100 bar MA on the 5-minute has put a ceiling so far on the upside.

Research firm Markit said its U.K. construction purchasing managers’ index rose to 52.3 in September from August’s reading of 49.2. Economists had expected the index to drop to 49.0 in September.

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But the pound remained under broad pressure amid concerns over a ‘hard brexit’ afterBritish Prime Minister Theresa May set a March deadline to begin the UK’s formal departure process from the European Union.

Meanwhile, the greenback was boosted after the Institute for Supply Management said on Monday that its index of manufacturing activity rose to 51.5 last month from August’s reading of 49.4. Analysts had forecast a lesser increase to 50.3.

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