Thursday, March 2, 2017 5:13 AM EST
The second purchasing managers’ index for the UK comes out slightly better than markets had anticipated: 52.5 against 52.2 predicted. Yesterday’s manufacturing PMI disappointed but still stands at higher ground. The most important release awaits us tomorrow: the services PMI.
GBP/USD remains on the back foot trading at 1.2275. Support awaits at 1.2250 and 1.2120. Resistance is at 1.2350.
Markit’s construction PMI for the UK was expected to remain unchanged at 52.2 in February. The level represents relatively slow growth.
GBP/USD was trading lower ahead of the publication, around 1.2275. The strength of the greenback thanks to Fed hawkishness and worries about a messier Brexit weigh on cable.
The unelected House of Lords made amendments to the Brexit Bill that the House of Commons passed. The changes relate to the rights of EU nationals living in the UK. A political ping-pong could follow and cause more uncertainty. The government led by Theresa May wants to trigger Article 50 by the end of March. This is still feasible though.
Here is how the recent moves look on the 30-minute GBP/USD chart:
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, ...
more
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
less
How did you like this article? Let us know so we can better customize your reading experience.