GBP/USD: UK’s manufacturing sector activity rose to a 4-month high in August


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.12% against the USD and closed at 1.2926 on Friday.

On the macro front, the Markit manufacturing PMI unexpectedly climbed to a level of 56.9 in August, notching a four-month high level and defying market consensus for a fall to a level of 55.0. The PMI had recorded a revised level of 55.3 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2955, with the GBP trading 0.22% higher against the USD from Friday’s close.

The pair is expected to find support at 1.2919, and a fall through could take it to the next support level of 1.2884. The pair is expected to find its first resistance at 1.2977, and a rise through could take it to the next resistance level of 1.3000.

Moving ahead, market participants will keep a close watch on Britain’s Markit construction PMI for August, due to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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