Home UK Manufacturing PMI rises to 57.5 in June – GBP/USD
Forex News Today: Daily Trading News

UK Manufacturing PMI rises to 57.5 in June – GBP/USD

The pound gets more reasons to rise: manufacturing PMI stands at 57.5 in June.Markit’s manufacturing PMI for the UK was expected to slide to 56.7 in June from 57 in May. This is the first of a series of 3 purchasing managers’ indices. The employment index also advanced: to 55.8 from 54.4 beforehand. New orders crossed the 60 point mark: from 59.5 to 61.1 points.

GBP/USD was trading on high ground towards the publication, sitting just above 1.71. It is now at new highs above 1.7120. EUR/GBP slips under 0.80.

The pound managed to break above 1.7063, reaching fresh multi-year highs above 1.71 after the dollar collapsed on end-of quarter moves.

Here is the chart, followed by some levels:

GBPUSD July 1 2014 new highs asfter strong manufacturing PMI pound dollar

The next level is the round number of 1.72, with 1.7330 providing additional resistance. Support is at 1,71 followed by 1.7063. For more, see the GBPUSD  prediction.

The next big event of the day is also a PMI: the ISM manufacturing PMI in the US.

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.