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GBP/USD spikes to 1.5150 ahead of UK PMI

FXStreet (Mumbai) - The GBP bears lost complete control, allowing an impulsive spike for the GBP/USD pair to 1.5150 levels just before the release of the key UK manufacturing PMI report.

The UK data in focus

The GBP/USD pair 0.07% higher at 1.5136, swiftly retracing from fresh daily highs reached 1.5150 in last minutes. A sudden bout of fresh bids caught the GBP as markets unwound their positions ahead of the crucial UK manufacturing data.

Moreover, renewed appetite for riskier currencies amid rebounding oil prices and stabilizing global equities also boosted the GBP/USD pair. Higher oil prices boosted the energy stocks, thus sending the FTSE higher over 1.30% to 6,140 points.

Meanwhile, the upcoming UK manufacturing PMI is seen heading slightly lower to 51.3 from 51.5 recorded in August.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5208 (Sept 29 High) above which gains could be extended to 1.5243 (Sept 28 High) levels. On the flip side, support is seen at 1.5108 (Today’s Low) below which it could extend losses to 1.5087 (May Lows) levels.

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