OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD keeps the red near session lows, around 1.3100 mark post-UK PMI

  • GBP/USD edges lower on Monday and snapped two consecutive days of winning streak.
  • Bullish traders seemed unaffected by an upward revision of the UK Manufacturing PMI.
  • A goodish pickup in the US bond yields underpinned the USD and added to the selling.

The GBP/USD pair maintained its offered tone, around the 1.3100 round-figure mark through the early European session on Monday and moved little post-UK macro data.

The pair failed to capitalize on the previous session's positive momentum to over three-week tops and came under some fresh selling pressure on the first trading day of the week, snapping two consecutive days of winning streak.

Bulls seemed unimpressed by stronger UK PMI

As investors looked past last week's hawkish BoE decision to leave interest rates steady, the British pound was being weighed down by uncertainties about future talks with the EU and prospects for a second independence referendum in Scotland.

Meanwhile, the pair failed to gain any respite from an upward revision of the UK Manufacturing PMI print, coming in at 50.0 for January as against the preliminary estimate of 49.8, though did little to impress bullish traders.

Apart from domestic factors, the pair was further pressurized by a modest pickup in the US dollar demand, supported by a goodish rebound in the US Treasury bond yields ahead of the release of the US ISM Manufacturing PMI.

Technical levels to watch

 

Iranian OilMin: Will agree to earlier OPEC meeting if members agree to further production cut

Iran will not cut oil output because of sanctions, the Iranian Oil Minister Zangeneh told Reuters on Monday. Additional Comments: Will agree to earlie
Read more Previous

WHO Chief Tedros reiterates: There is no reason for measures that unnecessarily interfere with international travel and trade

There have been 151 coronavirus cases in 23 countries outside China, said the World Health Organization (WHO) Chief Tedros Adhanom Ghebreyesus on Mond
Read more Next
Start livechat