The sterling pound (GBP) follows its main peer pairs of upward currencies in front of the USD in the session, but it is lagging with respect to the EUR, says Shaun Osborne, head of FX of FX of Scotiabank.
PMI data and USD weakness drive to GBP/Usd up
“The UK PMI data were also favorable. The PMI of Services rose to 51.2 in January, above the 50.8 forecasts. Manufacturing also improved 48.2.”
“A good upward turn is being developed in the cable graphics. The weekly graphic reflects a possible bullish cancellation pattern of ‘morning star’ (assuming a firm closure today) while the daily chart shows the spot testing the resistance testing the resistance of the main trend (from the peak of the end of September) in 1,2417, which coincides with the initial backward resistance in 1,2415. “
“A firm daily closure should see the GBP profits extend to 1.25/1.26.”
Source: Fx Street

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