Rising trend line could be put to test after dismal UK PMI relea
Hourly Chart – Rising trend line, overbought RSI
Support – 1.4696, 1.4650
Resistance – 1.4769, 1.4805
Support – 1.4696, 1.4650
Resistance – 1.4769, 1.4805
- UK manufacturing PMI came-in to 49.2 the lowest since February 2013. This is a negative surprise; given the CBI total trends data released last week had shown improvement in the activity.
- Also note, cable had strengthened on April 24th following the CBI data release.
- Consequently, the pair may test rising trend line support seen on hourly chart at 1.4650 levels.
- Traders need to watch out for a rebound from 1.47 handle, which could be followed by a move back to daily high of 1.4769.
