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GBP/USD fell 0.7% on Monday to fall back below 1.2700. A lack of UK data left the Greenback front and center. US PMI data came in better than expected, but still below contraction level. GBP/USD backslid below the 1.2700 handle on Monday, kicking off the new trading week by snapping a three-day winning streak and keeping Cable on the low side of the 200-day Exponential Moving Average (EMA). The data docket was clear on the UK side, leaving markets to roil after US Purchasing Managers Index (PMI) figures popped higher but still remained in contraction territory below 50.0. Another US Nonfarm Payrolls (NFP) week is underway, and the economic calendar is littered with plenty of US jobs preview figures in the runup to Friday’s bumper job additions report. UK data releases are limited this week, although Bank of England (BoE) Governor Andrew Bailey will be making an appearance on Wednesday via a pre-recorded interview at an event hosted by the Financial Times. US ISM Manufacturing PMI figures rose in November, climbing to a five-month high of 48.4 versus the previous 46.5, over and above the forecast 47.5. Despite the uptick in business expectation survey results, the indicator is still stuck in contraction territory below 50.0, implying the majority of business operators still see declines in overall activity in the coming months. GBP/USD price forecast Monday’s declines dragged GBP/USD back below the 1.2700 handle, keeping price action on the bearish side of the 200-day EMA, which is still rolling over into bearish territory near 1.2800. Cable caught a near-term bounce from multi-month lows after declining into 1.2500, but topside momentum remains limited. GBP/USD daily chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is…

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Filed under: News - @ December 2, 2024 11:20 pm