• GBP/USD remained steady on Thursday as sterling was supported by robust business activity data.
• The services PMI, which is crucial for the UK's economy, climbed to 53.3, its highest level since April, up from 52.5 in July and exceeding the 52.8 consensus forecast.
•The manufacturing PMI rose to 52.5 from 52.1, reaching its highest level since June 2022. The manufacturing sector also saw its fastest job growth in over two years.
• Technical signals are strongly bullish as RSI is at 70, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.3118( 23.6%fib), any close above will push the pair towards 1.3146 ( Higher BB)
• Strong support is seen at 1.2995(38.2%fib) and break below could take the pair towards 1.2934 (50% fib).
Recommendation: Good to buy around 1.3080, with stop loss of 1.3040 and target price of 1.3140.
