ForexPros Daily Analysis May 03, 2011


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Cable Lower As UK Manufacturing PMI Drops

Cable trades sharply lower after UK PMI Manufacturing numbers fell to 54.6 in Apr from 56.7 in Mar. On the intra-day basis we see possible impulsive decline underway, which in this case means that temporary highs are in place. However, its very early in the day, so still plenty of time for a possible change.. But if we see a daily close price around current levels or even below 1.6430 support, then reversal should be confirmed..
Remember, the price at the end of the day is awlays the most important for further dirrection!

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Forex Trading Analysis written by Gregor Horvat for ForexPros. For more information about technical analysis visit ForexPros.

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