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GBP/USD: daily update

GBP/USD edged slightly higher to $1.5390 following the release of unexpectedly strong UK manufacturing figures. Manufacturing production rose by 1.9% m/m in April (forecast: 0.9%, previous: -0.7%). This is the highest reading since last summer.

However, the British currency still has a lot of resistance ahead: $1.5390 (61.8% Fibo), $1.5400/15 and $1.5435 (July highs). There is a high chance that these levels will cap the upside. A break above here could open the way to $1.5525 and $1.5600. 

On the today’s agenda there is a UK NIESR GDP estimate (forecast: 0.6%). US will release trade balance and job openings data later in the day. 

Chart. H4 GBP/USD


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