Consumer confidence does not help GBP

Blue avatar for guest contributors
By :  ,  Financial Analyst

Consumer confidence does not help GBP

On Friday, the GfK consumer confidence index fell to -31 in October, below -28 expected. The Markit U.K. Manufacturing PMI (preliminary reading) was posted at 53.3 for October (vs 53.1 expected).

From a technical point of view, on a 30-min chart, GBP/USD is on the downside and is capped by its declining 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3060. The nearest support would be set at previous overlap at 1.2985 and a second one would be set at horizontal support at 1.2955 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex GBP Forex

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar