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Cable rose to 1.5288 after UK PMI Data

Posted by Chris Advincula on Jun 3, 2013 7:48:00 AM

June 3 Monday 11:50 GMT

LONDON – Cable rose by 78 points to 1.5288 from 1.5210 against the dollar after the U.K. manufacturing data expanded more than the forecast in May.  The survey of purchasing managers index rose to 51.3 in May from a revised 50.2 in April according to the Markit Economics and Chartered Institute of Purchasing Supply.  The robust data beat analysts’ estimate of 50.3. A reading above 50 indicates expansion.

The 21-day moving average rose from 1.5215 to 1.5267 and eased down to converge with the 60-day moving average at 1.5246. Support levels:  1.5180, 1.5215, 1.5246. Resistance: 1.5270, 1.5285, 1.5310.

 

Chris Advincula

WorldWideMarkets

cable.6.3 resized 600

Chart: FXTrek.com

 

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