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GBP/USD Nears Next Resistance on PMI Beat

GBP
  • GBP/USD futures volumes surge on the back of the PMI beat, putting spot at fresh session highs. Over 3,000 contracts traded in the reaction (cash equivalent ~ $250mln) - putting the pair to just below the Feb16 high at 1.2075.
  • 1.2092 (50% retracement for the Feb14 - Feb 17 downleg) sits as next intraday resistance.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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