GBP/USD (current price: 1.3325)
Cable has retained its relative strength compared to the U.S. Dollar recently as yesterday’s British Services PMI came in better than expected, following last week’s encouraging data from the manufacturing sector of the country. The pair is holding above the 1.3285 support, as a re-test of the upper boundary of the current trading range near 1.3550 seems possible in the coming weeks, especially if global sentiment remains positive.
Our assessment: The pair is still in a short-term uptrend as British economic numbers continue to surprise on the upside, following the sharp decline in the value of the Pound after the Brexit referendum.
