03.07.201916:38 Forex Analysis & Reviews: GBP/USD 07.03.2019 - Oversold condiiton, possible bullish movement

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Industry news:

ISM Non-Manufacturing PMI falls short of analysts' estimate in June.
Greenback weakens modestly on disappointing data, DXY stays in red.

The Institute for Supply Management on Wednesday announced that the Non-Manufacturing PMI in June fell to 55.1 from 56.9 in May and fell short of the market expectation of 55.9.

With the initial reaction, the US Dollar Index edged lower slightly and was last down 0.07% on the day at 96.67.

This is the index's lowest reading since July 2017, when it registered 55.1 percent. The Non-Manufacturing Business Activity Index decreased to 58.2 percent, 3 percentage points lower than the May reading of 61.2 percent, reflecting growth for the 119th consecutive month," the ISM said in its press release.

Trading recommendation:

GBP has been trading sideways in past 12 hours at the price of 1.2580. Since, the balance came after the downward trend, it can represent the exhaustion from sellers. My advice is to watch for potential buying opportunities.

Yellow rectangle – Support zone (1.2566-1.2540)

Red rectangle- Resistance (1.2640)

Red line – 20 EMA

Stochastic oscillator is showing us that there the oversold condition and the bullish divergence, which is sign that selling at this area looks risky. RSI oscillator went also at the level 30 and it is flipping up, which is another sign that bullish wave may come. As long as the GBP is trading above the 1.2540, you should watch for buying opportunities. Upward targets are set at the price of 1.2620 and 1.2640.

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