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Forex: GBP/USD eyes 1.5600 on PMI

FXstreet.com (Barcelona) - The sterling keeps pushing higher on Wednesday, eyeing the key resistance at 1.5600 after April’s manufacturing PMI surprised investors rising to 49.8 vs. 48.5 forecasted and up from March’s 48.6 (revised).

“The market climbs further higher and out of the reach of the magnetic 1.5300 level. The bias is for this to grind higher to one of the two retracement levels that await it… The 50% retracement of the previous range falls right next to the previous significant low from March last year at 1.5600”, suggested William Moore, Strategist at RBS.

The cross is now advancing 0.29% at 1.5578 with the next hurdle at 1.5606 (50% of Jan-mar decline) followed by 1.5690 (high Feb.13).
On the flip side, a breach of 1.5528 (hourly low May 1) would then target 1.5476 (low Apr.29) and finally 1.5418 (low Apr.26).

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