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GBP/USD struggling to come back above 1.62 before UK PMI

FXStreet (Moscow) - GBP/USD rebounded from 1.6177 low posted in Asia, and came closer to 1.62 resistance area by European morning.

PMI is next

The pound made its outmost to survive after the spark of broad based demand on the USD yesterday. However, stronger than expected UK GDP was not enough to resist the dollar popularity. Today’s UK Manufacturing PMI may still help the pound to recover part of its recent losses. The numbers need to be much stronger than expected in order to trigger the demand on the cable. In this case the initial target to the upside may be found at 1.6279.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6223, with support below at 1.6157, 1.6101 and 1.6035 with resistance above at 1.6279, 1.6345 and 1.6401. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.6319, and the daily 20EMA bearish at 1.6334. Hourly RSI is bearish at 43.

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