GBP/USD rebounds to 1.2930 post-PMI

The Sterling is now recovering some shine lost after the release of the manufacturing PMI, lifting GBP/USD to the 1.2930 region for the time being.

GBP/USD bid after data

Cable trimmed losses after UK’s manufacturing PMI came in above estimates in August, rising to 56.9 vs. 55.0 initially forecasted and up from July’s 55.3 (revised from 55.1).

Despite the upbeat result, the pair remains in the negative territory against the backdrop of a firmer note surrounding the greenback, which tested highs beyond 92.80 earlier in the session when tracked by the US Dollar Index.

In the US data space, non-farm payrolls in August and the ISM manufacturing should grab all the attention across the Atlantic.

GBP/USD levels to consider

As of writing the pair is losing 0.02% at 1.2927 facing the next down barrier at 1.2885 (10-day sma) seconded by 1.2853 (low Aug.31) and finally 1.2771 (low Aug.24). On the upside, a break above 1.2945 (high Aug.31) would pave the wave for a test of 1.2979 (high Aug.29) and then 1.3031 (high Aug.11).