UK Manufacturing PMI Rises In Nov, GBPUSD Consolidates With Upside Bias!

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The UK Manufacturing PMI rose 58.2, from 56.6 in the preceding month, analysts had expected it to fall to 56.5 in the last month. This development is supposed to support the GBPUSD. Immediate support comes at the 1.3453 levels, while resistance comes at the 1.3548 levels. At this point; I’d expect a strong support from the 1.3543 levels to contain fall from the 1.3548 levels and bring rebound if seen it recapture the 1.3548 levels, a break will target the 1.3600 levels, further upside will pave the way to the 1.3650/1.3700 levels.

On the downside, below 1.3453 will suggest short-term topping around 1.3548 and pave the way to the 1.3387 levels….

Stay tuned for our daily forecasts….

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