FxGrow Daily Technical Analysis – 10th October, 2017
By FxGrow Research & Analysis Team
GBP/USD Surpasses 50-EMA Over Upbeat Manufacturing Production Data
GBP/USD extends the recovery for the third consecutive session rallying from 1.3027 low on Friday, clocking 1.3198 high today after receiving a positive push by Manufacturing Production at 0.4% while expectations placed at 0.2%. On the other hand, the U.S Dollar continues to show weakness since Friday, dipping to to 93.21 low today, giving the Pound a wilder tone.
Technical Overview GBP/USD
Closing Price: (1.3140)
Target: 1.2956?
Resistance levels: 1.3168, 1.3220, 1.3290*
Support levels: 1.3130, 1.3027-, 1.2986
Trend: Down
Trend Reversal Price: 1.3290
Comment The market is short term bearish and a close under 1.3130 warns for pressing selloffs to 12986. Monday's rebound may carry over into today, but any corrections contained within last Thursday's range for 1-2 days should bear flag and keep the bear trend forces intact. A close over 1.3290* is needed for a short term bottoming turnaround.
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