POUND SPIKES ON ROBUST AUGUST PMI DATA
The GBPUSD pair has spiked towards the 1.2940 level, after the United Kingdom's official manufacturing PMI came in much better than economists had been expecting, climbing to 56.9 for the month of August.
Sterling remains well above the key 1.2920 level, as traders look towards the 1.3000 level, ahead of the U.S Nonfarm payrolls job report for the month of August.
The GBPUSD pair remains strongly bullish while trading above the 100-day moving average, at 1.2920, and key upsloping trendline support, at 1.2937.
Key intraday technical resistance above the 1.2937 level is found at 1.2979, 1.3010 and 1.3047. Extended resistance above the 1.3047 level, is found at 1.3125 and 1.3200.
Key technical support below the 1.2900 level is found at the 200-hour moving average at 1.2890, and the weekly pivot point, at 1.2856. Extended intraday support is located at 1.2832 and 1.2773.