Can GBPUSD hold on to the gains made yesterday?
The PMI was a stinker, no two ways about it. Markit in its comments tried to dress it up as being above averages, still in expansion etc, etc but it was a shocker
GBPUSD dumped a quick 90 pips and I'll be surprised if that's where it ends
GBPUSD H4 chart
Next technical support is around 1.5225/30 then 1.5215/20 and 1.5205/10. Stronger is the 1.5175 area along the Nov 2014 support line
1.5280 is now minor resistance as is 1.5300, 1.5310/15 and 1.5330
The numbers put a big dent on hopes of an improved economy in Q2 and while much of the market is already in 2016 for BOE rate hikes this might even get the 2015 steadfast hawks thinking twice about that
