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GBP/USD shows signs of weakening as it struggles to break through key resistance levels following recent PMI data releases.
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UK economic activity indicates a modest slowdown, with the private sector contracting at a softer pace in May compared to April.
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Market attention shifts to upcoming US PMI data, influencing the pair’s near-term momentum and trading outlook.
GBP/USD Forecast: Pound Sterling Faces Resistance Following PMI Data
The GBP/USD pair retreated to around 1.3400 during Thursday’s European session after rallying in the first three days of the week. Technical indicators point to a loss of bullish momentum as traders shift their attention to upcoming US Purchasing Managers Index (PMI) data releases.
UK data released early Thursday revealed that private sector economic activity contracted at a slower pace in May compared to April, with the S&P Global Composite PMI rising to 49.4 from 48.5, signaling a slight improvement in business conditions.
GBP/USD Bullish Price Action Trade
In this forex trading video, we analyze the entry and exit strategies, as well as risk management, for today’s GBP/USD trade. You'll learn how to interpret forex price structure across daily, four-hour, hourly, and 15-minute charts, and how to identify and target key support and resistance levels.
Building on previous videos focused on trading structure, this session demonstrates how we traded the GBP/USD using price action techniques and chart analysis.
