GBP/USD made an attempt to settle below the support at 1.2890 but failed to gain sufficient downside momentum.
The U.S. Dollar Index failed to settle above the resistance at 94.20 and is currently trying to move below the nearest support level at 94. If this attempt is successful, the U.S. Dollar Index may gain downside momentum and head towards the 50 EMA at 93.60 which will be bullish for GBP/USD.
Yesterday, U.K. reported that Manufacturing PMI decreased from 54.1 in September to 53.7 in October compared to analyst consensus of 53.3. In the U.S. Manufacturing PMI increased from 53.2 in September to 53.4 in October.
In general, Manufacturing PMI reports were better than expected and provided some support to riskier assets ahead of U.S. presidential election.
What's Next?
The nearest resistance for GBP/USD is located at the 50 EMA at 1.2960. The 20 EMA is in the nearby, so this resistance level is set to be a strong obstacle on the way up for GBP/USD.
If GBP/USD settles above this level, it will head towards the next resistance at 1.3000. A move above 1.3000 will open the way to the test of the next resistance at 1.3030.
On the support side, GBP/USD needs to settle below the support at 1.2890 to continue its downside move. In this case, GBP/USD will get to the test of the next support which has emerged at 1.2860. A move below 1.2860 will push GBP/USD towards the next support level at 1.2815.
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