The pound gets more reasons to rise: manufacturing PMI stands at 57.5 in June.Markit’s manufacturing PMI for the UK was expected to slide to 56.7 in June from 57 in May. This is the first of a series of 3 purchasing managers’ indices. The employment index also advanced: to 55.8 from 54.4 beforehand. New orders crossed the 60 point mark: from 59.5 to 61.1 points.
GBP/USD was trading on high ground towards the publication, sitting just above 1.71. It is now at new highs above 1.7120. EUR/GBP slips under 0.80.
The pound managed to break above 1.7063, reaching fresh multi-year highs above 1.71 after the dollar collapsed on end-of quarter moves.
Here is the chart, followed by some levels:
The next level is the round number of 1.72, with 1.7330 providing additional resistance. Support is at 1,71 followed by 1.7063. For more, see the GBPUSDÂ prediction.
The next big event of the day is also a PMI: the ISM manufacturing PMI in the US.
