GBP/USD struggling for clear direction
GBP/USD bulls managed to breach the resistance at 1.4200 but the upward momentum was short lived as price fell over 70 pips from this mornings top, now trading back in the two week range.
Rising US yields are strengthening the safe-haven Dollar & concerns about Britain's third virus wave outweigh the country's successful vaccination campaign.
The formation of a rising wedge is appearing which maybe a bearish sign as price once again reacts off both trendlines.
This morning’s UK Final Manufacturing PMI came in below forecast further dampening the mood.
In the opposite direction we can see on the 4 hour chart price is in a firm uptrend carrying all the momentum.
Price is trading above the 50, 100 and 200 SMA also positive signs.
US ISM Manufacturing PMI out at 2pm.
Support: 1.4160 - 1.4120
Resistance: 1.4250 - 1.4300
Rising US yields are strengthening the safe-haven Dollar & concerns about Britain's third virus wave outweigh the country's successful vaccination campaign.
The formation of a rising wedge is appearing which maybe a bearish sign as price once again reacts off both trendlines.
This morning’s UK Final Manufacturing PMI came in below forecast further dampening the mood.
In the opposite direction we can see on the 4 hour chart price is in a firm uptrend carrying all the momentum.
Price is trading above the 50, 100 and 200 SMA also positive signs.
US ISM Manufacturing PMI out at 2pm.
Support: 1.4160 - 1.4120
Resistance: 1.4250 - 1.4300
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