GBP/USD Drops on Contracting Manufacturing Sector
British Manufacturing PMI dipped into contraction zone, by scoring only 49.1 points in July, lower than last month’s 51.3 points and lower than 51.1 that was expected. GBP/USD is retreating from resistance as this is a very worrying sign.
Pound/dollar traded at 1.6455 before the release, clearly capped by the 1.6470 resistance line. It now trades at 1.64, with a lot of room for falls until the next cushion.
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