Cable falls below 1.31 as UK PMI data beat fails to inspire

Technical Analysis

Author: Justin Low | gbpusd

Cable falls to a session low of 1.3086 on the day

GBP/USD H1 24-01
The pound is falling to its lowest levels on the day with cable slipping back below the 1.3100 handle currently - dollar bids also pushing the issue a bit.

It's all gone wrong for the currency despite the more upbeat PMI data earlier as traders are left with a 50-50 decision ahead of the BOE policy meeting decision next week.

The key for buyers is to try and stay above the 1.3100 handle now to try and maintain some momentum. Meanwhile, for sellers it is all about trying to chase a move towards the key hourly moving averages @ 1.3073 and 1.3052 respectively.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose