GBP/USD flirting with tops near 1.4270 on PMI

• UK’s manuf PMI came in below estimates at 55.3.
• Cable’s hit daily highs near 1.4270.
• US ISM manufacturing next on tap.

The generalized offered bias around the greenback is now helping GBP/USD to advanced to session tops in the 1.4270 area.

GBP/USD bid despite PMI reading

Cable is extending the weekly advance well beyond the 1.4200 handle today, always backed by the continuation of the selling mood surrounding the US Dollar, and despite UK’s manufacturing PMI missed consensus at 55.3 in January.

In the meantime the pair is up for the third consecutive session and there is not much in terms of resistance levels between the current area and post-Brexit tops near 1.4350 seen earlier in January.

Looking ahead, the US ISM manufacturing will be the salient event later today, with consensus expecting the indicator to have eased a tad to 58.8 during the last month.

GBP/USD levels to consider

As of writing, the pair is gaining 0.47% at 1.4258 facing the next hurdle at 1.4345 (2018 high Jan.25) followed by 1.4388 (200-week sma) and finally 1.5020 (post-Brexit vote high). On the downside, a breach of 1.4107 (10-day sma) would aim for 1.3979 (low Jan.30) and then 1.3875 (21-day sma).