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GBP/USD at $1.54
The pound has dipped over the weekend against the dollar as the market eyes up the Bank of England interest rate decision and US jobs report on Thursday and Friday respectively.
The pound has been declining against the dollar in the past few trading sessions, driven by the strong core inflation rate from the US.
The currency pair has been in an upward trend since early February, and even though it has witnessed a pullback recently the $1.54 region is providing support.
At 9.30am (London time) the UK will announce the manufacturing PMI report for February, and the market is expecting a reading of 53.5 compared with January’s reading of 53. GBP/USD will encounter selling should the report fail to meet estimates, and this will perpetuate the downward trend since Thursday.
The pound is receiving support in the $1.54 region, and if this level is held the upside resistance at the 200-day moving average of $1.5436 will be the initial target, followed by $1.5460. If that mark is cleared $1.55 will be the next target. A move below $1.54 will bring the downside support at $1.5460 into play, and if it is punctured $1.53 will be on the radar.