The British pound remains increasingly volatile against the U.S dollar, with price action moving in a one-hundred pip range during the European session. On the first trading day of February, the pair saw strong monthly in-flows moving on the UK market open, moving price-action to an intraday high of 1.4274. The GBPUSD pair has now corrected back towards the pivotal 1.4230 region, following a weaker than expected January Manufacturing PMI from the United Kingdom economy.
The GBPUSD pair retains a strong bullish bias while trading above the 1.4232 level, further upside towards 1.4280 and 1.4350 cannot be ruled out.
Should the GBPUSD pair start to trade below the 1.4232 level, we may see a swift price correction back towards the 1.4200 handle.
