The manufacturing sector in the UK saw the fastest expansion in ten months in February. The gains came on the back of continued recovery amid reduced political uncertainty.
IHS Markit’s manufacturing PMI for the UK rose from 50.0 in January to 51.7 in February.
GBP/USD Consolidates Below Support
The currency pair is trading rather flat in the medium term. Price action fell below the support area of 1.2858 level. A brief intraday decline, however, is pushing the currency back to the support.
However, this retracement will see a possible retest of 1.2858 level as resistance. There is also the bullish divergence that is building up which could see the near term upside prevailing.
