GBP/USD remains near 1.2000 after US data, practically sideways on the week

  • The dollar rises marginally after the US ISM services PMI.
  • GBP/USD falls to 1.1960 and bounces towards 1.2000.
  • The pair remains sideways around the 20-week SMA.

The pair GBP/USD it fell to 1.1960 after the release of the US ISM Service PMI and then bounced. The pair continues to move sideways, near 1.2000, practically sideways on the week.

US data lifts dollar modestly

The last release of the week was the US ISM Services PMI for February, which came in at 55.1, down from January’s 55.2, and slightly above the market consensus of 54.5. The subcomponent of the Prices Paid Index fell from 67.8 to 65.6 points, above the forecasts that pointed to a drop to 64.5 points. The Employment Index rose to 54, against expectations for a decline to 49.8.

The numbers gave the dollar a boost, but price action remained subdued on Friday, with major pairs consolidating. The dollar moves with a positive intraday bias supported by a rebound in US yields. The US 10-year yield rose from 3.97% to 4.02%.

GBP/USD moves away from the highs and moves in a range above 1.1900. It is trading marginally higher on the week, hovering around the 20-week SMA. A firm break below 1.1900 would open the door for further losses.

While to the upside, immediate resistance emerges at 1.2055 (20-day SMA) followed by the 1.2150 zone. A break above this area would clear the way to 1.2200 and higher.

technical levels

GBP/USD

Overview
Last price today 1.1984
Today I change daily 0.0033
today’s daily variation 0.28
today daily opening 1.1951
Trends
daily SMA20 1.2047
daily SMA50 1.2141
daily SMA100 1.1977
daily SMA200 1.1919
levels
previous daily high 1.2036
previous daily low 1.1925
Previous Weekly High 1.2148
previous weekly low 1.1928
Previous Monthly High 1.2402
Previous monthly minimum 1.1915
Fibonacci daily 38.2 1.1967
Fibonacci 61.8% daily 1.1994
Daily Pivot Point S1 1.1905
Daily Pivot Point S2 1.1859
Daily Pivot Point S3 1.1794
Daily Pivot Point R1 1.2016
Daily Pivot Point R2 1.2082
Daily Pivot Point R3 1.2128

Source: Fx Street

You may also like