GBP/USD through 1.3200 on upbeat PMI

The Sterling has been catapulted through the 1.3200 barrier vs. the buck today, with GBP/USD testing fresh tops near 1.3250.

GBP/USD boosted by PMI

The pair met extra buying pressure after UK’s manufacturing PMI has surprised markets to the upside during August, coming in at 53.3 vs. 49.0 expected. July’s print was revised higher to 48.3, adding further steam to the upside.

Spot is thus advancing to multi-day tops in the mid-1.3200s in the wake of the release, now targeting last week’s tops in the 1.3280/85 band.

On the USD-side, next on tap will be ISM Manufacturing, Initial Claims, Markit’s manufacturing PMI and the speech by Cleveland Fed L.Mester.

GBP/USD levels to consider

As of writing the pair is gaining 0.74% at 1.3237 and a breakout of 1.3281 (high Aug.23) would expose 1.3321 (23.6% of the post-Brexit down move) and then 1.3481 (high Jul.15). On the other hand, the immediate support lines up at 1.3000 (psychological level) followed by 1.2863 (low Aug.15) and finally 1.2849 (low Jul.11).