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GBP/USD soars to session highs at 1.5280/86

FXstreet.com (Barcelona) - The "http://www.fxstreet.com/technical/currencies-glance/pair.aspx?id=gbp/usd">GBP/USD is establishing fresh session highs Monday at 1.5280/86, sailing higher at a rate of +0.48% above it’s opening presently after upbeat UK data.

In the United Kingdom, Markit Manufacturing PMI (May) yielded a figure of 51.3, vs. a projection of 50.2. Technically speaking, after exceeding the 1.5257 resistance, the Mataf.net analyst team identifies the next means of resistive correction at 1.5299, followed by 1.5375. On the pullback, a break below 1.5157 will foster supportive measures at 1.5099 and 1.5057.

According to the Technical Analyst Team at ICN.com, “The GBP/USD moved to the upside last week and is currently stabilizing close to 38.2% correction at 1.5235. Moreover, the stochastic offers overbought signals and RSI is entering a sideways range close to 50, these signals might cause some bearish correction. Nevertheless, as far as areas of 1.5110 hold the possibility of extending the upside correction is valid during this week to test 1.5310 and 1.5380 respectively.”

United Kingdom May Markit Manufacturing PMI improves to 51.3 vs 50.2 (April)

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UK: PMI Manufacturing expands at faster pace in May

The UK PMI Manufacturing climbed to 51.3 points in May, from 50.2 points in April, Markit Economics informed on Monday. This result is more positive than forecasts of no change.
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