GBP/USD Proceeds With a Downtrend on Bad Manufacturing PMI Numbers

May 01, 2018 14:49

The GBP/USD performed exactly as expected. Today's worse than expected Manufacturing PMI numbers, rejected the price below the W L3 – 1.3700. We might see a continuation of a downtrend if the price manages to stay below 1.3750. Targets will be 1.3622 and 1.3581. Have in mind that M L3 -1.3581 is the strong support and I expect buyers to show up around the level, if the price gets close. At this point there are no signs that downtrend price action might break to the upside, ending the bearish move.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

Follow Admiral Markets on Facebook – @AdmiralMarkets on Twitter – for the latest market updates.

This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not reliable indicator for any current or future performance as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.