The pound sterling is trading lower, giving back most of its gains from the week before. The monthly manufacturing PMI report saw activity rising slightly to 47.5 from 47.4 in November. The data continues to indicate weak sentiment in the UK’s manufacturing sector.
GBP/USD Likely to Stay Range-Bound for the Moment
The currency’s decline will likely see a shift to sideways trading in the near term. With GBPUSD trading within 1.3226 and 1.3100, a breakout from this level is needed.
The bias remains mixed for the moment. However, to the downside, the lower support at 1.2960 will likely come into play. To the upside, GBPUSD will face resistance off 13 Dec highs at 1.3491.
