Contracting UK activity bearish for GBPUSD
The UK Composite PMI for November remained below 50 for the second month in of the past three months. Will the GBPUSD decline?
The price chart on 1-hour timeframe shows GBPUSD: H1 is trading sideways. The price is falling below the 200-period moving average MA(200) which is level. And the RSI oscillator is below 50 level and has not reached the oversold zone. There is no trend yet formed, traders have to decide when it would be a best time to enter the market.