GBPUSD At 6 Day Low After Worst Than Expected PMI Figure

United Kingdom Markit Manufacturing PMI came in at 48 below markets expectations of 49.2 for June. The M4 Money Supply (Month over Month) came in at -0.1%, worst than analysts’ forecasts of 0.4% in May and the Mortgage Approvals also came below expectations at 65.409K, analysts were looking for 65.6K in May.

GBPUSD was trading flat most of the day but after the news moved sharply lower at 1.2635 piercing the trading range of 1.2660 and 1.2740 that was up until today holding for over a week. Bearish momentum builds today after the pair breached the 50-hour moving average. Support for the pair stands 1.26 round figure. On the upside, immediate resistance stands at 1.2685 the 50-hour moving average and if the pair manages to close above it might continue with an attempt to 1.2734 the Friday high.Don’t miss a beat! Follow us on Twitter.