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GBPUSD Market Update

11/24/2022 12:52 PM

The pound is actively gaining in value after the publication of data on business activity in the leading sectors of the economy and the depreciation of the US currency, currently trading around 1.2110.

Thus, UK Manufacturing PMI in November consolidated at 46.2 points, which exceeded the analysts' forecast of 45.7 points, and Service PMI amounted to 48.8 points, improving the analysts' forecast of 48.0 points. The Composite PMI rose to 48.3 from 48.2 in October, the first monthly increase since June.

As for the US dollar, today, its quotes are falling again, reaching 105.600 in the USD Index. The downward trend intensified after the publication of a disappointing report on the national labor market: initial jobless claims increased to 240.0K from 223.0K a week earlier, which provoked an increase in the total number of citizens receiving state assistance from 1.503M up to 1.551M people. As for the real estate market, the number of building permits issued reached 1.512M, falling below analysts' expectations of 1.526M and the October value of 1.564M, amounting to –3.3%, instead of –2.4% a month earlier.

On the daily chart, the trading instrument moves within the local rising channel, reaching the resistance line at 1.2200 yesterday.

Technical indicators are preparing for a local correction: the range of EMA fluctuations on the Alligator indicator has begun to expand again, and the AO oscillator histogram is forming new rising bars in the buy zone.

Support levels: 1.1958, 1.1630. | Resistance levels: 1.2220, 1.2590.

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