GBP/USD retakes 1.2900 post-PMI

The British Pound has recovered the smile today, now pushing GBP/USD back above the 1.2900 handle.

GBP/USD bid on upbeat PMI

Cable met increasing buying pressure after UK’s Manufacturing PMI has surprised markets to the upside, rising to 57.3 during last month vs. 54.0 expected and March’s 54.2.

The pair managed to bounce off lows in the 1.2870/60 band in the wake of the release, although GBP stays under pressure amidst a resurgence of fears over a potential more-difficult-than-expected Brexit negotiations.

GBP/USD levels to consider

As of writing the pair is up 0.07% at 1.2894 and a breakout of 1.2970 (2017 high Apr.28) would aim for 1.3000 (psychological level) and then 1.3060 (high Sep.29 2016). On the downside, the immediate support emerges at 1.2864 (low May 2) followed by 1.2758 (low Apr.21) and finally 1.2685 (20-day sma).