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3 Mar 2014
GBP/USD retests highs after UK PMI
FXStreet (Córdoba) - The GBP/USD spiked from daily lows toward daily highs after a slightly better-than-expected UK manufacturing PMI reading.
The GBP/USD rose nearly half a cent and matched Asia session peak of 1.6750 after UK Markit manufacturing PMI climbed to 56.9 versus 56.5 expected and 56.7 scored the previous month. Meanwhile, UK mortgages approvals rose to its highest monthly total in more than six years in January. However, the Cable lacked momentum to break above the 1.6750 area and pulled back to currently trade around 1.6730, little changed on the day.
GBP/USD technical outlook
"The outlook here remains bullish after the recent break through 1.6675, for a rise towards 1.6821 peak", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial support on the downside lies at 1.6675 and initial intraday resistance is projected at 1.6767".
The GBP/USD rose nearly half a cent and matched Asia session peak of 1.6750 after UK Markit manufacturing PMI climbed to 56.9 versus 56.5 expected and 56.7 scored the previous month. Meanwhile, UK mortgages approvals rose to its highest monthly total in more than six years in January. However, the Cable lacked momentum to break above the 1.6750 area and pulled back to currently trade around 1.6730, little changed on the day.
GBP/USD technical outlook
"The outlook here remains bullish after the recent break through 1.6675, for a rise towards 1.6821 peak", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial support on the downside lies at 1.6675 and initial intraday resistance is projected at 1.6767".