Mar. 3, 2021
Pound/Dollar today at a glance – GBP/USD is trading steadily today, ranging between 1.3966 and 1.3949 and is now at 1.3954. The United Kingdom Composite PMI is next today at 9:30 AM. (Trade Pound/Dollar with FXTM now).
Pound/Dollar technical analysis picture ahead of data: visual analysis of the The Pound's price graph shows the British Pound resistance level is at 1.4138. In terms of trend indicators, we can see that at 1.3958, the British Pound made an initial breakout above the 3 day Simple Moving Average, an indication of a positive trend.
Overall, looking at the technical analysis landscape, it seems the pound/dollar might start pointing upward in the short term.
As the market gets ready for data release – The NASDAQ is trading around 13,358.79 (down 230.04 points).
Earlier data releases related to Pound/Dollar – data for United Kingdom Nationwide HPI (MoM) (Feb) released yesterday at 7:00 AM came out at 0.7, beating projections of -0.3 and showing improvement over the preceding figure of -0.2. The United Kingdom Nationwide HPI (YoY) (Feb) beat expectations of 5.6 with the new data release of 6.9. This is also a step forward from the previous data of 6.4.
Coming for The Pound – United Kingdom Services PMI is projected to outperform last figure with 49.7 while it previously stood at 39.5, data will be released today at 9:30 AM. The United Kingdom Construction PMI is projected to outperform the last figure with 51, while it previously stood at 49.2, data will be released tomorrow at 9:30 AM.
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