Macro approach:
- The pound slipped against the US dollar after soft PMI data pointed to a second straight monthly contraction in the UK economy.
- The downturn was led by the Services sector, which dragged the Composite PMI lower, while cooling price growth and a softening labour market eased inflation pressures.
- Sterling could stay under pressure as markets pare back expectations for further BoE tightening.
Technical approach:
- GBPUSD strongly declined toward the previous support at 1.3180 after breaking the previous support at 1.3310. The price is below both diverging bearish EMAs, indicating a potential for bearish continuation.
- If GBPUSD breaks below 1.3180, the price may plunge toward the next support at 1.3050.
- Conversely, staying above 1.3180 may prompt a retest of the immediate resistance at 1.3310.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
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