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Forex: GBP/USD extends gains after US ISM manufacturing PMI

FXstreet.com (Barcelona) - With 1.5180 area holding the downside, the GBP/USD has been mostly trading to the upside today and after the publication of US ISM data the market is extending daily gains, at 1.5229 as of writing.

The March Manufacturing PMI by ISM fell from 54.2 to 51.3, much lower than the market consensus of 54.1. ISM Prices Paid fell from 61.5 to 54.5, also below expectactions (59.8). The US construction spending beat consensus at 1.0% by rising 1.2% in February. In January, data had dropped by -2.1%. US March manufacturing PMI by Markit rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9.

“The bias here remains positive for a break through 1.5260, en route to 1.5330 resistance area. Key intraday support is projected at 1.5165, but only a violation of 1.5110 low would signal a slide a reversal of the sentiment and a slide towards 1.4980”, wrote Deltastock.com analyst Stoyan Mihaylov.

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