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4 June 2024,02:18
Trade Of The Day
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4 June 2024, 02:18
* Greenback Gloom: The Pound Sterling strengthened against the US Dollar after the recent release of unexpectedly weak U.S. Manufacturing PMI data, which negatively impacted the dollar. The Institute for Supply Management (ISM) reported on Monday that the U.S. manufacturing sector contracted at a faster rate in May. The ISM Manufacturing PMI fell to 48.7 in May from 49.2 in April, missing the market expectation of 49.6. This disappointing data led to renewed selling pressure on the Greenback, increasing demand for other currencies.
* Technical Breakout: GPUSD was traded higher following prior breakout above the previous resistance level 1.28000. MACD which illustrate bullish momentum signal with the recent bullish structure breakout suggest the pair to further extend its gains.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 75.95. Conversely, a potential retracement is also to be expected and the price could head back towards 79.35 should the price breach back above the 77.90 level.
Understand how technical analysis can help you in this trading opportunity.
Moving forward, investors will closely monitor upcoming data such as US ISM Services PMI and the official employment data, set to be released on Wednesday and Friday, respectively. In contrast, the United Kingdom’s economic calendar does not feature any major events in the coming days.
Know how to manage trading risks with risk management strategies.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
Trade with simulated capital and earn real profits after you pass our trader assessment.
20 September 2024, 02:24 USD/JPY Declines On BoJ Rate Hike Bets
19 September 2024, 02:10 USD/CAD Surges After Fed Rate Decision
18 September 2024, 02:20 Euro Rises with Fed Rate Cut on the Horizon
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