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GBPUSD analysis Thursday 6th of July 2017

GBPUSD analysis Thursday 6th of July 2017 

 

The pair rose during yesterday's trading despite the slowdown in the growth of the British service sector to join the construction and manufacturing sectors, which should have raised the fears of the markets, especially with the start of the round of negotiations between the British government and the European Union on the British exit.

But, we see that the overall trading yesterday was different and was not in one direction, the difference between the price of the opening and closing price did not exceed 13 points, while yesterday's highest level recorded at 1.2947 and the lowest level of record At 1.2892.

Yesterday's UK PMI data showed that the sector slowed down after hitting 53.4, below expectations of 53.6 and 53.8.

Technically

Staying below 1.2950 could open the door to the downside towards 1.2900 and if broken, the pair could fall to 1.2873 and then the support level of 1.2855. If this level is broken, the downside move might continue towards 1.2825.

In the case of a rise and breach of 1.2950 this may be the support for the pair to further rise towards the level of 1.2985 and if IT breach of this level IT may continue to climb towards the level of 1.3030.

 

 

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