GBPUSD STILL BULLISH ABOVE 1.3450 LEVEL

The British pound has slipped lower against the U.S dollar, hitting 1.3475 during the European trading session, despite the best UK Manufacturing PMI number since December 2013. The GBPUSD pair currently trades just under the 1.3500 mark, after earlier reaching 1.3549 during the late Asian session. The move lower in the British pound can be attributed to a rebound in the U.S dollar index, and GBPUSD profit taking before the release of the U.S ISM Manufacturing survey later today.

• The GBPUSD pair remains intraday bullish while trading above the key 1.3450 level. Further upside towards the 1.3549 and 1.3610 levels cannot be ruled out.

• Should price-action on the GBPUSD pair start to decline below the 1.3450 level, sellers are likely to press back towards the 1.3400 technical level.