Chance to Grab 50+ PIP Movement in GBP Parity, Markets Eye U.K. Manufacturing PMI Data; Dec 01, 2020
U.K. Manufacturing PMI
U.K. will release final manufacturing PMI data around 0930 GMT/1500 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. This data is derived via a survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories. A reading above 50.0 indicates industry expansion, below indicates contraction.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The pound rises noticeably ahead of U.K. manufacturing PMI data and jumps above $1.3400 mark. Today pair made intraday high at $1.3407 and low at $1.3316 mark. A sustained close above $1.3375 will drag the parity up towards $1.3412, $1.3434, $1.3450 and $1.3488 mark respectively. Key support levels are seen at $1.3290, $1.3263, $1.3222, $1.3170, $1.3122, $1.3090, $1.3054, $1.3002 and $1.2950 mark respectively.
Take a look and do trade wisely!