Chapter 50 GBPUSD back to uptrend
02/07/2023
Summary
PMI data release leads the market
Fundamental analysis
Fundamentally in this pair, We see the data will be released tomorrow In the USA And United Kingdom manufacturing PMI In both countries With market expected positive result for the United Kingdom and negative result for the US
U.S. Manufacturing PMI
Prev.: 46.3
Fcst: --
U.K. Markit/CIPS Manufacturing PMI
Prev.: 46.2
Fcst: 46.5
Technical analysis
In this 4-hour diagram chart, the market price now is 1.26964, we expect the market to move down and touch the 20-moving average It's also the old supply zone which is now changed to the demand zone And from there market will push up through the down channel completing this structure ABC pullback with the 20-moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.26676
Target Price: 1.27864
Stop Loss: 1.26079
