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British Pound Rallies to 5-Year High on Impressive UK PMI Data

British Pound Rallies to 5-Year High on Impressive UK PMI Data

2014-05-01 09:02:00
David Maycotte,
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Talking Points:

UK Manufacturing PMI posted one of its best readings over the past three years as factory-sector activity rose to a five-month high. Manufacturing PMI reported at 57.3 in April, up from 55.8 in March and beating expectations calling for a print of 55.4. The better-than-expected figure prompted the British Pound to extend its gains against the US Dollar and reach the highest level in five-years. Dismal US GDP first-quarter results, yesterday helped prop the british pound.

Release

Actual

Expected

Prior

U.K. Markit PMI Manufacturing s.a. (APR)

57.3

55.4

55.8

“The fundamental developments coming out of the U.K. may continue to heighten the appeal of the British Pound,” says DailyFX Analyst David Song. Earlier this week he discussed that GBPUSD was poised for fresh highs ahead of U.K. GDP. “It will only be a matter of time before the GBPUSD clears the 1.6850-60 level,” said Song in a report released on Monday. He sees the 1.70 handle on the radar, and suggests to buy dips in GBPUSD as U.K. mortgage apps raise risk for a bubble. At the time this report was written the British Pound had advanced to an intra-day high of 1.6926.

DailyFX Market Analyst David De Ferranti says GBPUSD is primed to push higher in absence of a reversal signals. “Intraday price action on the four hour chart reveals the bulls have finally taken charge of prices following a drawn out struggle below the 1.6855 mark,” said De Ferranti.

British Pound Rallies to 5-Year High on Impressive UK PMI Data

GBP/USD 5-minute – using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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