-
GBP/USD Strengthens to New 2012 High After Positive UK Manufacturing Data
UK Manufacturing PMI for March (12-27): 52.1, forecast: 50.6, previous: 51.5 (revised from 51.2): Orders rise, PMI at 10-month high. To start the 4/2 European session, the better-than-expected manufacturing data in the UK strengthened the Sterling across the board except against the Japanese Yen. Cable (GBP/USD) pushed higher after falling back to the 1.5980 area, reaching 1.6067 ahead of the 4/2 US session. This establishes a new 2012 high, breaking out of a consolidation zone from 3/30. The RSI shows that the bullish momentum is maintained. If the market can stay above 1.60 in the US session, the ... (full story)