UK factory PMI rose to 50.8 in July from 47.4 in Jnue, some way better than the median expectation of 47.8 and the highest read since March 2008.
Cable having struggled initially to take out aforementioned sell orders at 1.6790/00, has brushed them aside post PMI release. Stops above 1.6800 have been duly triggered and we’ve been as high as 1.6830.
HSBC earnings were better than expected and this will have also lent cable some support.
Technical resistances next at 1.6850/55.
