GBPUSD continues higher for the fifth consecutive trading session as USD is under pressure across the board after FOMC cut its benchmark interest rate for the third time in row this year by 25 basis points to 1.50 per cent – 1.75 per cent. The factory activity in China expanded at its fastest pace since February 2017 as the Caixin Manufacturing PMI came in at 51.7, topping expectations of 51 in October and 51.4 reading in September. Traders await the UK manufacturing data and the US non-farm payrolls figures.
Mixed news headlines crossing the wires around the Brexit deal increases Pound volatility as UK heads for the general election in December.
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GBPUSD Support and Resistance Levels
GBPUSD adds 0.06% at 1.2947, while the outlook is positive for the pair. On the upside where traders focus now, first resistance can be found at 1.2972 the daily top, after that next hurdle stands at 1.2999 the high from October 22, with more offers probably emerging at the 1.3050 the high from mid-May 2019.
On the upside, immediate support level for GBPUSD stands at 1.2925 daily low and then at 1.2709 the 200-day moving average. Now bulls need to break above 1.30 to push the pair higher; a convincing break above will attract more bids, while a rejection at that level might signal profit-booking.Download our latest quarterly market outlook for our longer-term trade ideas.
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