3 May 2016
GBP/USD firmer, through 1.47 ahead of PMI
The sterling is trading on a firm footing on Tuesday, now sending GBP/USD to the area of 1.4700/10, or daily highs.
GBP/USD focus on PMI
Spot is extending its upside for the fourth consecutive week so far along with a continuation of the offered bias surrounding the greenback, which remains in multi-month lows when tracked by the US Dollar Index.
Ahead in the session, UK’s manufacturing PMI is due for release, with consensus expecting a tad improvement to 51.2 for the month of April (vs. 51.0 previous). In the US, results from the Auto sector and the speech by Cleveland Fed L.Mester will be in the limelight.
GBP/USD levels to consider
As of writing the pair is up 0.22% at 1.4707 and a break above 1.4860 (200-day sma) would expose 1.4948 (high Dec.25). On the flip side, the next support lines up at 1.4389 (100-day sma) ahead of 1.4298 (low Apr.21) and finally 1.4278 (55-day sma).
GBP/USD focus on PMI
Spot is extending its upside for the fourth consecutive week so far along with a continuation of the offered bias surrounding the greenback, which remains in multi-month lows when tracked by the US Dollar Index.
Ahead in the session, UK’s manufacturing PMI is due for release, with consensus expecting a tad improvement to 51.2 for the month of April (vs. 51.0 previous). In the US, results from the Auto sector and the speech by Cleveland Fed L.Mester will be in the limelight.
GBP/USD levels to consider
As of writing the pair is up 0.22% at 1.4707 and a break above 1.4860 (200-day sma) would expose 1.4948 (high Dec.25). On the flip side, the next support lines up at 1.4389 (100-day sma) ahead of 1.4298 (low Apr.21) and finally 1.4278 (55-day sma).