"GBPUSD Resilience: How Weak PMIs Impact Forex Trading Strategies"

Weak PMIs Failed to Dampen GBPUSD

Source: FxPro News

Overview of the GBPUSD Movement

• The GBPUSD rose by 0.5% to 1.2980 despite disappointing UK PMIs.
• Weak economic data points indicate slower growth, yet the pound has shown resilience.

Details on PMIs

• The Manufacturing PMI dropped from 51.5 to 50.3, the lowest since April.
• The Service PMI decreased to 51.8, its weakest level in eleven months.
• Composite PMI fell from 52.6 to 51.7, but all indices remain above contraction levels.

Market Response and Predictions

• Despite initial pressure from PMI releases, GBPUSD has recovered to 1.2980.
• A potential correction could see GBPUSD reach up to 1.3030 or even 1.31.
• However, the broader economic outlook suggests caution, favoring selling on growth instead of buying on dips.

Industry Commentary

• The FxPro Analyst Team provides insights on the current market sentiments.
• Investors are advised to consider market trends carefully given the prevailing economic conditions.