Todays’s UK PMI data – 54 announced vs. Market Expectation 52.9 – gave the Sterling a boost in the short term.
However, the major problem to be solved is still Brexit.
When we look technically
Critical support for the party, which has maintained 1.46 targeted SHS support in the long run despite the sharp fall, is at 1.31 level.
If Cable that completed the Bullish Cypher on the daily charts succeeds to hold above 1.32000 the bearish trend may slow down – even the trend may change in favour of the Bulls –
Also in the H1 Chart Timeframe, ascending trendline gives positive signals.
SHS will start to work as soon as GBPUSD makes a few H1 closings above 1.34000.