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October 1, 2020

U.K. PMI Data May Give 25+ PIP Movement To Trade

U.K. Final Manufacturing PMI

U.K. has scheduled to release Final Manufacturing PMI data around 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. This data is derived by 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.

Let’s see how GBP has reacted during the previous data release:

Sept 01

Aug 03

Technical View:

GBP/USD: The pound trades marginally higher on Thursday and touches $1.2941 mark in early Asia. A sustained close above $1.2911 will drag the parity up towards $1.2966, $1.3002, $1.3070 and $1.3102 mark respectively. Key support levels are seen at $1.2854, $1.2822, $1.2752, $1.2723, $1.2675, $1.2632, $1.2602 and $1.2570 mark respectively.

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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