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British manufacturing PMI exceeds expectations – GBP/USD rises

The British manufacturing PMI surprised with a rise to 52.5 points. It was expected to remain unchanged at 51.3 points, above the 50 point mark separating growth and contraction. This shows that the recovery in the UK might be stabilizing.

GBP/USD traded above 1.52. It dipped towards the publication but then recovered fast and already registering a session high of 1.5227. The dip was all the way to 1.5182.

Other figures published in the UK: mortgage approvals rose from 54K to 58K, above expectations of 56K. Net lending to individuals disappointed by reaching only 1 billion pounds, lower than 1.4 expected. The M4 Money Supply figure fell by 0.1%. It was predicted to remain flat.

1.5280 serves as resistance and it isn’t that far away. Support is found at 1.5165, where the pair dipped to on Friday. For more lines, events and analysis, see the GBP/USD forecast.

The big event of the week is the rate decision: the first one held by Mark Carney, which enters his job as BOE governor today.

Tomorrow, Markit releases the construction PMI. See how to trade this event with GBP/USD.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.