$GBPUSD Forecast: Pound needs to reclaim 1.1800 to extend recovery by eren_fxstreet forex trading
The dollar rally pauses ahead of PMI and housing data from the US.GBP/USD has extended its slide to a fresh multi-year low of 1.1718 on Tuesday but managed to recover its daily losses during the European trading hours. The pair needs to reclaim 1.1800 in order to attract additional buyers and extend its rebound in the near term.
Although the mixed PMI survey helped the British pound limit its losses, the underlying details of the survey paint a gloomy picture of the UK's economicCommenting on the findings, "the UK private sector moved closer to stagnation in August, as mild growth of activity across the service sector only just offset a deepening downturn at manufacturers," noted Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.
The US economic docket will also feature July New Home Sales data. In the previous weeks, we have observed dollar weakness on weak housing data with investors growing increasingly worried about the worsening conditions in the housing market. The pair faces immediate resistance at 1.1800 . With a four-hour close above that level, additional recovery gains toward 1.1850 and 1.1900 could be witnessed.
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