The British pound continues to rally sharply higher against the U.S dollar, with price-action reaching 1.3540. The GBPUSD pair surged, as the U.S dollar index crashed lower on U.S political jitters on Thursday. The pair still trades well above the 1.3500 level, with sterling now gaining over three-hundred pips from weekly price-low’s. Manufacturing data is in focus today from both sides of the Atlantic, with the release of the UK Manufacturing PMI, and later today the ISM Manufacturing report from the United States.
The GBPUSD pair remains technically bullish while trading above the 1.3450 level. Upside towards the 1.3610 level remains the medium-term price objective for buyers. Extended resistance is found at the 1.3750 level.
Should the GBPUSD pair start to slip much below the 1.3450 technical level, a correction towards the 1.3400 level will likely follow. Extended GBPUSD support is found at the 1.3360 level.
