Currency Analyst since 2010

GBP/USD is testing $1.5600

British construction PMI rose to 59.1 (forecast: 58.4) which is a very good result. News that the UK’s Vodafone is planning to sell its US mobile phone business to Verizon Communications are also positive for pound given the large cash element involved in the sale. Later today in the US, investors will digest results of ISM manufacturing in the US at 14:00 GMT.

Resistance is at $1.5600, $1.5640, $1.5700, $1.5750. Support lies at $1.5530, $1.5498 (200-day MA).

Chart. H4 GBP/USD

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