FXStreet (Mumbai) – The GBP/USD pair has made a positive start to the week, currently trading in the band of 1.5290-1.53 after having recovered from the low of 1.5257.
GBP/USD: Awaits UK PMI
The UK final manufacturing PMI for May is due for release later today. The index is seen improving to 52.5 from 51.9. On the other hand, we have personal spending and personal income data due for release out of the US.
A slower-than-expected fall in the first quarter US GDP failed to provide a fresh boost to the USD on Friday. The USD was also offered in the early Asian session today, helping the cable recover 50 odd pips from its low.
GBP/USD Technical Levels
The immediate resistance is located at 1.5306 (5-DMA), above which the pair could extend gains to 1.5336. On the flip side, a break below 1.5260 could drive the pair lower to 1.5224 (50-DMA).
(Market News Provided by FXstreet)