GBPUSD awaiting PMI data
The British pound has opened the new trading week below the important 1.2195 level against the US dollar, following renewed demand the greenback. Traders are now awaiting the release of the United Kingdom Manufacturing PMI, which could provoke GBPUSD volatility. Weaker UK PMI data could prompt a test of the 1.2100 support level, while a better than expected number could see bulls forcing price back towards the 1.2200 level.
The GBPUSD pair is bearish while trading below the 1.2195, key support is found at the 1.2130 and 1.2100 levels.
If the GBPUSD pair trades above the 1.2195 level, key resistance is found at the 1.2220 and 1.2250 levels.