After PMI data from euro area, IHS Markit published March results of the same index for the UK. Value remained at high levels, but slightly lower than analysts’ forecasts, which triggered a short-term depreciation of the pound.
Industrial PMI 54.20
Analysts expected the UK industrial PMI to coincide with February results at 54.60 – the final reading was at 54.20:
Even the results are significantly higher than the long-term average of 51.60 we saw slight slide on the GBP, however, due mainly to decline in new orders.
Cable under daily pivot level
Publication of the latest macroeconomic data from the UK caused GBP/USD to depreciate and beat mondays lows. In addition, the price is currently under daily pivot, approaching the round 1.2500 level:
On the daily chart we see that price reacted again under resistance zone. In case a sales signal appears its worth considering a short position with target to dynamic support, which determines moving average and 23.6% of Fibonacci abolition (1.2360):
