The GBP/USD pair trades 0.31% higher at 1.5476, partly reversing a spike to 1.5498 daily highs. The GBP bulls took a breather and now consolidate the heavy gains seen following the release of surprisingly positive UK manufacturing PMI results.The manufacturing PMI for the UK, came in significantly better than expected at 55.5 points in October, up from a revised 51.8 points seen in September, hitting the highest level in sixteen months.Adding to the up- beat sentiment around GBP/USD, appetite for risker assets also improved as a major turn- around was seen in risk-sentiment after the European open. Meanwhile, the focus now shifts to US calendar, with the ISM manufacturing PMI reading to be closely eyed. The GBP/USD pair failed to take out 1.5500 – psychological barrier on yet another occasion and retreated nearly 25 pips as markets digest the latest UK PMI report.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5520 TARGET 1.5540 1.5470 SL 1.5490
SELL GBP/USD BELOW 1.5480 TARGET 1.5260 1.5230 SL 1.5510
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