Disappointing UK PMI prints for November drags the pair below the 1.2900 handle. The near-term technical set-up seems to have shifted in favour of bearish traders. The GBP/USD pair held on to its weaker tone through the mid-European session on Friday, albeit has managed to rebound around 20 pips from weekly lows and is currently hovering around the 1.2880-85 region. A sustained break below the 1.2900 round-figure mark, coinciding with 200-hour SMA, was seen as a key trigger for bearish traders following the release of weaker-than-expected flash UK PMI prints for November. Against the backdrop of the pair’s repeated failure ahead of the key 1.30 psychological mark, acceptance below the mentioned handle now support prospects for a further near-term depreciating move. Hence, some follow-through weakness, back towards challenging the 1.2800 handle, now looks a distinct possibility, albeit slightly oversold conditions on the hourly chart warrant some caution for bearish traders. On the flip side, any attempted recovery beyond the 1.2900 support breakpoint might now confront some fresh supply near the 1.2925-30 region, above which the pair is likely to aim back towards the 1.30 handle. GBP/USD 1-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY remains under pressure around 120.00 FX Street 3 years Disappointing UK PMI prints for November drags the pair below the 1.2900 handle. The near-term technical set-up seems to have shifted in favour of bearish traders. The GBP/USD pair held on to its weaker tone through the mid-European session on Friday, albeit has managed to rebound around 20 pips from weekly lows and is currently hovering around the 1.2880-85 region. A sustained break below the 1.2900 round-figure mark, coinciding with 200-hour SMA, was seen as a key trigger for bearish traders following the release of weaker-than-expected flash UK PMI prints for November. Against the backdrop of the pair's… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
