GBPUSD (1.3233): The British pound has retreated from its highs. Data this week showed that the PMI’s signaled sluggish growth as manufacturing was weak and construction PMI showed a contraction in the sector. Only the services PMI managed to rise slightly higher in comparison. GBPUSD is seen testing the support level near 1.3223. We expect to see a reversal at this support level which will keep GBPUSD range bound within 1.3360 resistance and the support level. A breakout from this level will signal further direction in the currency pair. We expect a breakout to the downside, especially is resistance is formed near 1.3360.
