UK PMI due at 08:30 GMT, hanging man on Cable

June PMI is expected to show the manufacturing activity expanded at almost same pace as seen in May. The GBP/USD daily chart shows a ‘hanging man’ candle, which signals a potential turnaround the trend/sentiment.

Screenshot_1.jpg

RSI nicely positioned above 50.00, but sufficiently short of the overbought territory. I also see a nice expanding channel breakout, but Friday’s hanging man makes me nervous. I would be on the sidelines as of now….

Key levels – 1.3031, 1.3119, 1.30, 1.2965, 1.2915

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