Forex: GBP/USD plunges back to lows

<!--TITOL:

Forex: GBP/USD plunges back to lows

FITITOL--> FXstreet.com (Barcelona) - The GBP/USD had spiked down to 1.6191 during the London on account of the weaker than expected UK PMI manufacturing, but buying pressure brought the pair back above 1.6200 to reach 1.6247 high ahead of the US ISM manufacturing.

A surprising figure of 54.8, instead of a drop from 53.4 to 53.0, triggered the run towards the greenback and throwing the GBP/USD back to the morning’s lows, having extended its daily low to 1.6186.

Windsor Brokers analyst Slobodan Drvenica recommends caution despite the intact bullish structure: “Daily chart indicators at extreme levels, however, require caution. Strong near-term supports lie at 1.6200 zone and 1.6152, while key short-term support and breakpoint lies at 1.6080/60 zone”.