Today at 09:30 GMT will be released the UK Manufacturing PMI and the data had been posting positive numbers. For example, in October we saw a expansion, as manufacturing PMI came in at 54.3 and for November’s release is expected to see a slight increase from 54.3 to 54.5. In case that we see a positive data, that should give some hints that UK economy may end with a positive tone, despite Brexit impact.
Our technical analysis for GBP/USD at H4 chart is showing a triangle pattern in formation, thanks to the sideways range that the pair had been forming since several weeks ago. UK data could trigger some strong moves and if Cable manages to break to the upside, above 1.2508 (with a better-than-expected number), then we can expect a rally towards the 1.2654 level. However, if data comes in weak, a pullback could happen towards the 1.2396 level.
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Origin: FX BAZOOKA
