GBPUSD Rebounds from Daily Low, After Better Services PMI

GBPUSD managed to rebound from daily low at 1.2101 after United Kingdom Markit Services PMI came in at 51.4 topping forecasts of 50.2 in July, and trades 0.19% lower at 1.2134.

GBPUSD fights to fly away from recent lows at 1.2078 as sellers are in control. The last hour the pair breached above the 50 hour moving average, giving the bulls something to hope. On the upside immediate resistance stands at 1.2146 the 100 hour moving average while more offers will emerge at 1.2187 the daily high.  Intraday traders can enter a long position if the pair breaks above 1.2142 targeting 1.2182 high for profit, a stop order should be activated at 1.2101. Short positions targeting below 1.21 and at 1.2050 should place stop loss orders at 1.2187. All in all the momentum is bearish but as the RSI 14 in the daily chart has reached oversold levels at 28.04 there is a possibility for the pair to make a rebound.Don’t miss a beat! Follow us on Twitter.