Sunday, 02/06/2024 | 21:31 GMT+1

GBP/USD Daily Update: June 3, 2024

Today, all eyes are on the GBP/USD pair as it hovers around the crucial support level of $1.2700. Ahead of the anticipated ISM Manufacturing PMI release from the US, traders are expecting a slight price movement, with the pair potentially climbing from $1.2700 to $1.2730. This move represents a cautious optimism in the market as participants await key economic data.

Pre-News Market Sentiment

• Current Price: $1.2700

• Expected Movement: Up to $1.2730

• Key Data to Watch: ISM Manufacturing PMI

The ISM Manufacturing PMI is a significant economic indicator, providing insights into the health of the US manufacturing sector. A better-than-expected PMI could bolster the US dollar, putting downward pressure on the GBP/USD pair, while a weaker PMI might support the pound, allowing the pair to maintain or even extend its gains.

Technical Analysis

• Support Level: $1.2700

• Resistance Level: $1.2730

Holding above the $1.2700 support level is critical for the GBP/USD to maintain its bullish outlook. A breach below this level could signal a bearish trend, targeting lower supports around $1.2630.

Stay tuned for the PMI data release later today, as it will be a pivotal moment for GBP/USD, potentially dictating the pair's direction for the near term.

Key Points to Remember

• Current Focus: ISM Manufacturing PMI release

• Expected Range Before News: $1.2700 - $1.2730

• Impact: The PMI data will significantly influence market sentiment and potential price movements.

Keep an eye on this space for the latest updates and analysis on GBP/USD. Happy trading!