Market Analysis: GBP/USD bulls take a breath – long trigger around 1.3200?

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  • 05.03.2019
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<p><a href=”https://admiralmarkets.com/analytics/traders-blog/brexit-referendum-excites-bulls”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/3c389217ad4210fc4c05a4bbe18a5b59.png” style=”” alt=”Economic events calendar” rel=””></a></p><p><em>Source: Economic Events March 4, 2019 – </em><a href=”https://admiralmarkets.com/analytics/forex-calendar”><em>Admiral Markets’ Forex Calendar</em></a></p>
<p>The week starts with an interesting data set from the United Kingdom and, by extension, the GBP. On Friday, the Manufacturing PMIs were released and revealed that February marked a drop to a four-month low of 52 from a downwardly revised 52.6 in the previous month – but in line with market expectations. Today, the Construction PMIs will be released. </p><p>Last month’s dataset came in at 50.6 points, well below market expectations of 52.4. We can almost be certain that any disappointing reading could result in an acceleration of the corrective move initiated last Thursday to back below 1.3300. </p><p>Nevertheless, the picture in GBP/USD stays bullish in the short-term on H4. Technically, it’ll remain as such as long as we trade above 1.2970/3000, but particularly after the headlines last week around Brexit and <a href=”https://www.bloomberg.com/news/articles/2019-02-25/corbyn-bows-to-pressure-and-agrees-to-back-new-brexit-referendum” target=”_blank”>Labour party leader Corbyn now agreeing to back a second EU referendum</a>. </p><p>Even though such an announcement does not necessarily mean that a second referendum will take place, it nevertheless strengthens our opinion that the current GBP/USD momentum on the upside, and any pullback against 1.3200, is probably interesting for long engagements aiming for a break above 1.3350.</p><p><a href=”https://admiralmarkets.com/analytics/traders-blog/brexit-referendum-excites-bulls”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/ae50a9a2e3f6e637e4dead9b406989e5.png” style=”” alt=”GBP/USD 4-hour chart” rel=””></a></p><p><em>Source: Admiral Markets </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><em>MT5</em></a><em> with </em><a href=”https://admiralmarkets.com/trading-platforms/metatrader-se”><em>MT5-SE Add-on</em></a><em> GBP/USD 4-hour chart (between December 12, 2018, to March 1, 2019). Accessed: March 1, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of USD/JPY increased by 13.7%, in 2015, it increased by 0.5%, in 2016, it fell by 2.8%, in 2017, it fell by 3.6%, in 2018, it fell by 2.7%, meaning that after five years, it was up by 4.1%.</p><p><a href=”https://admiralmarkets.com/trading-platforms/metatrader-5″><a href=”https://admiralmarkets.com/analytics/traders-blog/brexit-referendum-excites-bulls”><img style=”width:auto;” class=”img-responsive” src=”https://fxmedia.s3.amazonaws.com/articles/remote/f1bc50a098bc2b468866888bd9f9eda3.png” style=”” alt=”Download MetaTrader 5 and begin trading today!” rel=””></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. 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