GBP/USD: bulls lack will to take out hourly 200-MA resistance

FXStreet (Mumbai) - Friday’s sharp drop in the GBP/USD left the bulls demoralized, hence, the pair is having a tough time sustaining above the hourly 200-MA seen today at 1.4259 levels.

Eyes UK PMI

The immediate focus now is on the UK manufacturing PMI for January. Last week’s CBI total trends survey highlighted the drop in the orders received by the UK manufacturers. Hence, it appears the investors lack willingness to push the pair higher as the PMI may disappoint.

Later in the day, the US personal spending and income report could affect the overall demand for the US dollar.

GBP/USD Technical Levels

The spot is now trading at 1.4252. The immediate support is seen at 1.4230 (Jan 27 low), under which the pair could drop to 1.42 levels. On the other hand, a break above the immediate resistance at 1.4259 (hourly 200-MA) would open doors for 1.43 levels.