GBP/USD holding above 1.4750 ahead of UK PMI

By FXStreet The GBP/USD surged to the high point of the day to currently trade above 1.4750 ahead of the scheduled release of UK manufacturing PMI data.

The UK manufacturing PMI for the month of April is expected to show a slightly faster rate of expansion with the consensus estimating the index to read at 51.3 against 51.0 in March.

On Tuesday, the pair is moving higher for fourth consecutive day and has now moved to levels not seen since early Jan. 2016. Moreover, the pair has been inching higher within a short-term ascending trend-channel formation on short-term chart, suggesting further upside on stronger PMI print.

Technical levels to watch

An up-move from current levels, triggered by better-than-expected PMI reading, is likely to assist the pair to surpass 1.4800 handle and extend its upward trajectory towards the ascending trend-channel resistance near 1.4850-60 area.

On the flip slide, weaker PMI print could trigger some profit taking, dragging the pair back towards 1.4700 mark. Weakness below 1.4700 could further get extended towards 1.4670-60 horizontal support.
For more information, read our latest forex news. …read more

Source:: FX Street