Sterling Trades marginally lower ahead of U.K.’s Manufacturing PMI results, 35+ PIP Movement likely; July 01, 2021
U.K. Final Manufacturing PMI
Today U.K. will release Manufacturing PMI results at 0830 GMT/1400 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. It 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. The Above 50.0 indicates industry expansion, below indicates contraction.
Let’s see how GBP has reacted during the previous data release:
- The Sterling depreciates in Asian hours and touches $1.3805 mark.
- The pair made intraday high at $1.3836 and low at $1.3805 mark.
- A day chart and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1.3832 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3798 will check further supports.
Take a look and do trade wisely!