GBP/USD jumps to session high on 1,29

FXStreet – After initial losses in response to the strong ADP report, won the GBP/USD currency pair momentum and jumped to a new session high at around 1,2900. The good ISM data from the United States were, however, ignored by the market participants.

The financial markets much acclaimed economic index of U.S. purchasing managers in the Manufacturing sector grew in may more than expected. The Barometer climbed to 54.9 counter of 54.8 points in April. This could not inspire in connection with the better-than-expected employment growth in the U.S. private sector, which had even exceeded the most optimistic expectations, the U.S. Dollar in its recovery.

For a slight disappointment, the weekly US initial claims, which paints a mixed picture for the official labor market report, which will be released on Friday, provided.

Meanwhile, the markets seem to have the slightly better-than-expected UK purchasing managers ‘ index for the Manufacturing industry evaluated. In the next few days, especially the course development are likely to determine around the US Dollar and the upcoming elections in the UK Happen in the GBP/USD.

Technical Outlook

Valeria Bednarik, chief market analyst at FXStreet, wrote: “The currency pair from a technical point of view, neutral. The listing varies a few Pips above the 20SMA and 200EMA, which come in a range of 1,2840 closer. The technical indicators make a note of, meanwhile, in no-man’s land to the center lines. As long as the sideways range between 1,2800/1,2920, should not be expected before the elections too much. Only a break of 1.2760 would confirm a continuation of the downward trend“.

** FXStreet News Editorial, FXStreet**

Leave a Reply