• Bid tone on the  Sterling gathered pace after the stellar UK data which showed that UK Oct manufacturing PMI rose to 55.5 from an upwardly revised  51.8 figure in Sept
  
  
• However, the Pound is likely to remian on the sidelines ahead of BoE "Super Thursday" this week: MPA, MPC minutes & Inflation Report awaited
  
  
• A 7-2 MPC voteis expected, GBP could get knee-jerk boost if Forbes joins McCafferty in voting for hike
  
  
• GBP/USD  is currently trading at 1.5474, after hitting sesison highs at 1.5497 post PMI data
  
  
• Strong resistance is seen at 1.55 (trend line), breaks above could take the pair to 1.5650 levels
  
  
• While supports on the downside are located at 1.5436 (cloud top), and further below at 1.5410 (Oct 21 lows)
  
  
• Stochs on 4-hourlies are at oversold, on the verge of a bearish crossover, correction lower likely 
  
  

Recommendation: Sell rallies around 1.5480, SL: 1.5510, TP: 1.5425

Resistance Levels:

R1: 1.5481 (100 DMA)

R2: 1.55 (Trendline resistance)

R3: 1.5528 (Sept 22 highs)

Support Levels:

S1: 1.5436 (cloud top)

S2: 1.5410 (Oct 21 lows)

S3: 1.5374 (Daily Tenkan)