02.05.201713:49 Forex Analysis & Reviews: Fundamental Analysis of GBP/USD for May 2, 2017

Long-term review

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GBP/USD has been in good bullish momentum since the break above 1.2800 area. This pair has been quite volatile after the break and is expected to be bullish all the way towards 1.3370 area. Today GBP had Manufacturing PMI report which was published with a positive figure at 57.3 which was expected to be at 54.0. On the other hand, USD Total Vehicle Sales report is going to be published today which is expected to be at 17.1M which previously was at 16.6M. GBP is currently quite stronger than USD as of the positive economic report today and if the USD report comes positive we might see a good amount of volatility in the pair as well.

Now let us look at the technical view, the price is currently just above 1.2750 to 1.2800 support area. Yesterday bears were quite powerful than the bulls and as a result, the price closed at a new lower high. Currently, as of GBP positive economic report, today GBP is observed to have a good momentum on the upside but a daily close will decide the further move in this pair. Currently, as of 20 EMA is quite far from the currency price, it is expected that the price will reverse back down towards 1.2800 before making any further move up towards 1.3370 resistance level.

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