The British Pound advanced against the U.S. Dollar after upbeat manufacturing data;
U.K Manufacturing index rose to 53.5 in November showed higher reading than in October 53.2. GBP/USD remains under selling pressure ahead of today Construction PMI (Nov) report and Bank of England important interest rate on Thursday. BoE is expected to keep rates unchanged at 0.5%.
After founding a support from the lower line of the descending channel, GBP/USD prices continue its advance and succeeded to close above its Daily-SMA (20) moving average. We expect the pair will continue to move within the existing ranges ahead of the Bank of England monetary policy meeting on Thursday. To the upside, prices will face strong resistance at $1.5820 and then from its upper line of the channel and the Daily-SMA (50) at $1.5907. These levels present good opportunities to short the pair.