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GBP/USD outlook: Cable regained traction and attacks pivotal barriers ahead of UK PMI data

Cable bounced above 1.2700 mark on Wednesday morning, keeping bullish bias after Tuesday’s close in red and indecision signal from strong rejection on both sides.

Fresh strength cracks again pivotal barriers at 1.2710/20 (converged 10/20DMA’s/Fibo 61.8% of 1.3141/1.2037) which so far resisted several attacks. Read more…

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GBP/USD Forecast: Pound Sterling trades near key level as markets await PMIs

After rising toward 1.2750 early Tuesday, GBP/USD made a sharp U-turn and lost nearly 100 pips during the American trading hours. The improving risk mood toward the end of the day, however, helped the pair erase a large portion of its daily losses. Early Wednesday, GBP/USD holds steady at around 1.2700. Read more…

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GBP/USD surges to near 1.2760 on the upbeat UK PMI data, focus shifts to US PMI

GBP/USD rises to near 1.2760 during the European session on Wednesday. The positive Purchasing Managers Index (PMI) data from the United Kingdom (UK) contribute to a rise in the Pound Sterling (GBP) against the US Dollar (USD). The preliminary S&P Global/CIPS Services PMI for January demonstrated growth, reaching 53.8 compared to the previous figure of 53.4. Additionally, the Manufacturing PMI increased to 47.3 from the earlier reading of 46.2. Concurrently, the Composite PMI showed appreciation, reporting a figure of 52.5 as compared to the previous reading of 52.1. Read more…

 

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