GBP/USD undermined by weak PMI data
The GBP/USD was already weaker after the Bank of England kept rates unchanged at 5.25% as expected, in a "finely balanced" decision for some members on Thursday, which the market had interpreted as a signal that the first rate cut was going to come in August. Well, today, we had weaker-than-expected PMI data from the UK, which means that "balance" is shifting towards a cut on a marginal basis. Add to this, the ongoing election uncertainty in the UK, traders are happy to sit on the offer on the cable.
As a result, the GBP/USD has dropped to its lowest point since mid-May, testing potential support at 1.2635 at the time of writing. A more significant support to watch is at 1.2550 where the 200-day average meets a prior support/resistance zone. Resistances to watch include 1.2655, 1.2700 and 1.2735.
By Fawad Razaqzada, market analyst at FOREX.com
As a result, the GBP/USD has dropped to its lowest point since mid-May, testing potential support at 1.2635 at the time of writing. A more significant support to watch is at 1.2550 where the 200-day average meets a prior support/resistance zone. Resistances to watch include 1.2655, 1.2700 and 1.2735.
By Fawad Razaqzada, market analyst at FOREX.com
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