The British pound has started to recover higher against the US dollar, despite much weaker than expected PMI Manufacturing data from the United Kingdom economy earlier today. Buyers will need to rally the GBPUSD pair above the 1.2747 level this week to negate the heavy bearish sentiment. The bearish head and shoulders pattern on the four-hour time frame has yet to reach its full downside projection.
The GBPUSD pair is bearish while trading below the 1.2655 level, key support is located at the 1.2550 and 1.2500 levels.
If the GBPUSD pair holds above the 1.2655 level, key intraday resistance is found at the 1.2700 and 1.2747 levels.
