GBP/USD recovery still has scope for 1.4565 – UOB

By FXStreet FXStreet (Guatemala) – Although construction in Jan was down 55.0 vs prior 57.8 and 57.6 expected, analysts at UOB Group explained that the UK manufacturing sector started the year on a firmer footing.

Key Quotes:

“The Markit/CIPS PMI measure of business activity edged up most in three months to 52.9 in January from the previous month’s 52.1, and above expectations of 51.6. Looking at details, the major drivers were the consumer and investment goods sectors, whilst intermediate goods producers also saw solid expansion for the month.”

“While we still maintain a neutral outlook for this pair, the corrective rebound is gaining momentum rapidly and the current up-move has scope to extend higher to test the major 1.4565 resistance.”

“Strong support is at 1.4240 and last Friday’s low of 1.4150 should not be threatened, at least not in the next few days.”
For more information, read our latest forex news. …read more

Source:: FX Street