FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, remarks the ongoing GBP resilience.



Key Quotes



"UK June Manufacturing PMI data yesterday morning beat expectations coming in at an 8 month high of 57.5, showing yet again that the UK recovery continues to thunder on. GBPUSD predictably traded to new 2014 highs and after another lukewarm US data release, this time the US ISM manufacturing number coming in at consensus, GBPUSD managed to trade north of 1.7150."



"There has been plenty of opportunity for GBPUSD to retrace lower after it has hit new highs daily but it is not materialising. GBPUSD’s resilience may signify that investors have further appetite to chase the rate higher."



"This June PMI reading finishes Q2 data for manufacturing which showed a faster pace of manufacturing growth than Q1, providing positive signs for the official numbers when they are released and ultimately possibly stronger GDP growth and a greater chance of a late 2014 interest rate hike."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD consolidated above 1.56

  2. Forex News

    GBP/USD Technical Analysis: Quiet Consolidation Continues

  3. Forex News

    Dollar Rising on Back of GDP and FOMC but Not Enough for Breakout

  4. Forex News

    GBP/USD Fails Shy of Well-Defined 1.5700 Level

  5. Forex News

    GBP/USD trades back above 1.5600

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!