Pound goes against the grain of bad data then runs out of ideas
As Mike's alluded to, the reaction to the PMI miss was that traders were already leaning that way ahead of the number. I wouldn't go so far to say it was leaked, we're not the US you know ;-)
The intraday range is pretty well defined right now, 1.4460 - 1.4520 is where the quid wants to play.
GBPUSD 15m chart
1.4530 & 1.4545/50 may hold some minor resistance, while there's stronger at 1.4575/80
Zooming out we look to have some decent support around 1.4400. The 100 H4 ma sits at 1.4424 and the 38.2 fib of the Feb rally is at 1.4412. Under the big figure there's the 100 dma at 1.4384.
GBPUSD H4 chart
It looks like things have calmed down at last but for how long is anyone's guess. If things broadly remain settled (oil, Brexit news etc) then we can apply a little more faith to the intraday and longer tech. The 1.4400 area looks a fairly safe place for a long or to assess shorts. Always judge the reason why we're there first.
For the faster players, 1.4520 looks good for a break trade to 1.4570, especially if the break is confirmed. The same applies to 1.4460 below.
