GBP/USD inched slightly higher on Thursday as upbeat UK manufacturing data gave sterling a minimal boost as traders eyed radically conflicting polls on next week's British elections. A May survey of purchasing managers i…
GBP/USD inched slightly higher on Thursday as upbeat UK manufacturing data gave sterling a minimal boost as traders eyed radically conflicting polls on next week's British elections.
A May survey of purchasing managers in the manufacturing sector beat forecasts of economists, but the pound's reaction was small, temporarily trimming some losses against the dollar.
The Markit/CIPS manufacturing purchasing managers' index (PMI) slipped to 56.7 in May from a three-year high in April. Aside from the previous month's PMI, that was its strongest reading since June 2014.
The pair upside is expected to be limited as strong resistance at 1.2953 should limit upside and bring a decline towards lower levels in the short term.
To the upside, immediate resistance can be seen at 1.2913, a break above this level would expose the cable to next resistance level at 1.2953.
To the downside, immediate support can be seen at 1.2873, a break below at this level will open the door towards next level at 1.2843.
