GBPUSD has officially recovered from 1.6820 zone, after two week decline straight away. July Markit Service PMI index printed 59.1, increased from 57.7 since June and much better than expectation of 57.9. This news was bullish for the Pound, however, the gain was limited for GBPUSD when it can not move above short term resistant level 1.6890, this was partly due to the gain of the green back.
Cable is trading around 1.6870 now and it needs to break short term resistant 1.6890 to move further. The short term momentum is still bearish with 1.6890 – 1.6920 is the key resistant zone to watch.
Forex Trading Signal:
We will watch for sell signals around 1.6890 – 1.6920 today.
+1.7040 – 1.7065
+1.6700 – 1.67300