Yesterday’s trade saw GBP/USD within the range of 1.4983-1.4867. The pair closed at 1.4881, losing 0.26% on a daily basis, following a 0.3% jump last week.
At 7:01 GMT today GBP/USD was up 0.09% for the day to trade at 1.4894. The pair held in a daily range of 1.4875-1.4921.
Fundamental view
United Kingdom
Activity in the United Kingdom’s sector of services probably probably expanded at a faster pace in March from a month earlier, with the corresponding PMI projected to come in at 57.0 from 56.7 in February. If so, this would be the 27th consecutive month, when the gauge remained in the expansion area above 50.0.
The index is based on a survey encompassing managers of companies that operate in sectors such as transportation, communications, IT, financial intermediation, tourism. They are asked about their estimate regarding current business conditions (new orders, output, employment, demand in the future). Values above the key level of 50.0 signify that activity in the sector has expanded. A larger-than-projected improvement in the index would certainly boost the pounds appeal. The Chartered Institute of Procurement & Supply (CIPS) is to announce the official reading at 8:30 GMT.
United States
The number of job openings in the United States probably rose to 5.010 million in February from 4.998 million in the prior month, according to analysts median estimate. If confirmed, this would be the highest reading since January 2001 when 5.273 million job openings were reported.
This indicator refers to all positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. A higher-than-projected number of openings is usually dollar positive. The Bureau of Labor Statistics is to release the official data at 14:00 GMT.
Separately, a report might show that economic outlook sentiment among Americans improved in April, albeit still remaining in the pessimistic side of the scale. The Investors Business Daily (IBD), TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism Index (IBD/TIPP Economic Optimism Index) probably inched up to 49.2 this month from 49.1 in March, continuing a rebound from a slump to 47.5 in February.
This gauge measures the relative level of economic conditions, including six-month economic outlook, personal financial outlook and confidence in federal economic policies. It is based on a nationwide survey of 900 adults and the output comes in a scale from 0 to 100, with 50 being the threshold between an overall optimistic and pessimistic view of the economy.
Pivot points
According to Binary Tribune’s daily analysis, the pair’s central pivot point stands at 1.4910. In case it penetrates the first resistance level at 1.4954, it will encounter next resistance at 1.5026. If breached, upside movement may attempt to advance to 1.5070.
If the cross drops below its S1 level at 1.4838, it will next see support at 1.4794. If the second key support zone is breached, downward movement may extend to 1.4722.
In weekly terms, the central pivot point is at 1.4868. The three key resistance levels are as follows: R1 – 1.4998, R2 – 1.5076, R3 – 1.5206. The three key support levels are: S1 – 1.4790, S2 – 1.4660, S3 – 1.4582.
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