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1 Feb 2018

GBP/USD surges to fresh weekly tops, around mid-1.4200s ahead of UK PMI

   •  USD loses some ground despite positive US bond yields.
   •  Technical buying helps accelerate the up-move.
   •  Manufacturing PMI might trigger tradable moves.

After an initial dip to the 1.4160 region, the GBP/USD pair regained traction and turned positive for the third consecutive session.

Bulls finally took out offers placed at the 1.4200 handle and in absence of any fresh news, the up-move to fresh weekly tops seems to have been solely led by some fresh US Dollar weakness. 

Despite a hawkish assessment of the latest FOMC policy statement and a follow-through upsurge in the US Treasury bond yields, the greenback failed to preserve early gains and was eventually seen providing a boost to the major.

Meanwhile, possibilities of some short-term trading stops being triggered might have further collaborated to the pair's sharp spike of over 40-pips in the past hour or so. Hence, it would be prudent to wait for a follow-through buying interest to see if the move is backed by genuine buying or is just a stop-run. 

Traders now look forward to the release of UK manufacturing PMI for some fresh impetus. Later during the early NA session, the US ISM manufacturing PMI should also influence the pair's movement on Thursday.

Technical levels to watch

The ongoing bullish momentum is likely to confront immediate resistance near the 1.4300 handle, which if cleared decisively should pave the way for an extension of the pair's appreciating move. 

On the flip side, weakness back below 1.4230 level now seems to find strong support near the 1.4200 handle, below which the pair might drift back towards 1.4130-25 horizontal support.
 

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Italy Markit Manufacturing PMI came in at 59, above forecasts (57.5) in January

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