FXstreet.com (Barcelona) - After attempting to recover from intra-day low at 1.6345 and rise to1.6430, GBP/USD has fallen around 85 pips to trade close to 1.6350, approaching back to today's lows. Currently the pair is trading around 1.6350/60, 0.25% below today's opening price action at 1.6405.
The ecPulse.com analysis team comments the situation after the today's manufacturing PMI data: The United Kingdom released its PMI manufacturing for October showing that after contraction it expanded surpassing market expectations, supported by the pound rising in markets versus the dollar. This specific sector represents 15% of the GDP, and as it expands supports the fact that the worst of this global recession is over. The pair is being traded at 1.6413 between the support of 1.6380 and the resistance of 1.6448, while recording a high of 1.6486 and a low of 1.6345.