GBP/USD offered above 1.54, awaits UK PMI

By FXStreet FXStreet (Mumbai) – The GBP/USD pair ran into offers at 1.5405 in the Asian session, after having recovered from the low of 1.5340 on the back of broad based USD selling.

Focus on UK PMI

The final UK manufacturing PMI for August is seen rising to 52.00 from the earlier figure of 51.9. The traders would also keep an eye on the new export orders index, which is sensitive to the GBP exchange rate. Meanwhile, net consumer credit, mortgage approvals, and money supply figures could be overshadowed by PMI figures.

Ahead in the day, the US ISM figures could affect the pair. The sentiment in the major European equities and on Wall Street could influence the Fed rate hike bets and the market’s appetite for the US dollars.

GBP/USD Technical Levels

The spot trades around 1.5390. The immediate resistance is located at 1.5409 (38.2% of Apr-Jun rally). On the other hand, support is seen at 1.5364 (200-DMA) and 1.5340 (daily low).
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Source:: FX Street