somrat4030
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The week on the back foot pressured by the disappointing Retail Sales data from the UK, which showed a contraction of 0.2% in September vs the market expectation for an increase of 0.5%. Nevertheless, the upbeat October PMI figures seem to be helping the GBP stay resilient against the dollar.
IHS Markit reported on Friday that the economic activity in the UK's private expanded at a stronger pace in early October than it did in September with the Manufacturing PMI and the Services PMI improving to 57.7 and 58, respectively
On the other hand, The Euro regained traction on Friday and standing at the front foot despite mixed EU PMI data which showed a slowdown in bloc’s business activity in October, but growth in manufacturing sector remained robust.
Today’s action partially offsets negative signal from Thursday’s bearish engulfing but keeps near-term action in neutral mode between key levels at 1.1603 (converged 10/20DMA’s) and 1.1671 Fibo 38.2% of 1.1909/1.1524 descend).
Break lower would confirm initial bearish signal (bearish engulfing) and open way for renewed attack at key support provided by the base of thick ascending weekly cloud (1.1557) which s far provided strong headwinds to the downtrend from 1.2266 (May 23 high).
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The week on the back foot pressured by the disappointing Retail Sales data from the UK, which showed a contraction of 0.2% in September vs the market expectation for an increase of 0.5%. Nevertheless, the upbeat October PMI figures seem to be helping the GBP stay resilient against the dollar.
IHS Markit reported on Friday that the economic activity in the UK's private expanded at a stronger pace in early October than it did in September with the Manufacturing PMI and the Services PMI improving to 57.7 and 58, respectively
On the other hand, The Euro regained traction on Friday and standing at the front foot despite mixed EU PMI data which showed a slowdown in bloc’s business activity in October, but growth in manufacturing sector remained robust.
Today’s action partially offsets negative signal from Thursday’s bearish engulfing but keeps near-term action in neutral mode between key levels at 1.1603 (converged 10/20DMA’s) and 1.1671 Fibo 38.2% of 1.1909/1.1524 descend).
Break lower would confirm initial bearish signal (bearish engulfing) and open way for renewed attack at key support provided by the base of thick ascending weekly cloud (1.1557) which s far provided strong headwinds to the downtrend from 1.2266 (May 23 high).
#forexforum #forextraders #currencytraders #forumforex #forextrading
