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GBP/USD unimpressed by higher PMI revision

The February UK manufacturing PMI reading has just been revised higher, to 47.5 from 47.1. The markets were expecting no change and this upward revision represents an 11 month high for the index. That said, it is not yet into expansionary territory. The Pound has not yet reacted much to this data. Perhaps for the fact that it remains below 50 and in real terms this was not a change to excite the currency. The GBP/USD has traded a range today, so far covered by 1.2619 to 1.2642. The price action has remained above its key longer term moving averages so far this week. The one of real note there is the 200 day and that is in place right now at 1.2577. However, a failure to gain any advantage is not to be ignored. However, if the GBP/USD does rise, your attention is once again drawn to the 50 day moving average, right now at 1.2674. So, for now those two levels would seem to have the price action surrounded. The GBP/USD is currently trading at 1.2626 
 

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