GBP/USD
The UK manufacturing slipped to a 14-month low at 54.8 in the previous month. In yesterday's session, the pair rejected at 100Dsma and closed below that. On the upside, the pair has strong resistance at 1.6664 or 200Ema on a weekly basis. Until the pair closes above this, bears will have an upper hand. Selling on every up move still keeps gainful deals this week as well. Traders can sell at camp 1.6612 and on rise up to 1.666, sl 1.6680 is holding until the sl is taken off. It's a positional trade. On the down side, the target existed at 1.6580 (50WSma) below this, steep fall is expected to the 1.6563, 1.6539, 1.6524, and 1.6465 levels. By the end of this week, if the pair closes above 1.6580 (50WSma) on the downside, 1.6465 is an initial open target; later 1.6252 and 1.6210 are medium-term targets.
Weekly basis: sell on every up move with sl at 1.6680.
Weekly close below 1.6580 means more bearish tone towards 1.6465 and 1.6250. - pending
The material has been provided by InstaForex Company - www.instaforex.com
