Forex: GBP/USD still above 1.63 ahead of UK PMI

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FXstreet.com (San Francisco) - GBPUSD extended its bounce off of the 1.6100 handle in today in Asia, and from the multi-year support 1.5300 level, reaching as high as 1.6385 before pullback to current levels ahead of the European open, last at 1.6320.

"Now above the 1.6200 psychological figure, the major pair is set to rise towards the 1.6306 December 19th session high," says Richard Lee, Forex Analyst at FXstreet.com. "Any retracement would see support at 1.6200." He identifies more immediate support at 1.63 and 1.6250, while resistance comes in at 1.6350, 1.64 and 1.6450.

On the fundamental front, the UK's December Manufacturing Purchasing Managers Index (PMI) from Markit is the main event for GBP in the European session ahead, expected to show the sector remains in contraction (sub-50.0) after last month's 49.1 reading.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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