GBP/USD: Composite PMI Data Sparks Short-Term Rally, Eyes on 1.25 Resistance

Yesterday's release of the composite PMI data, which came in above last month's figures, led to a short-term rally in the cable, with gains of around 150 pips since Monday, stemming from the trend support level. For this rally to continue, the 1.25 resistance level needs to be breached. Above this level, the 1.2560 mark will be the next point of focus. To sustain the short-term upward momentum, the 1.2390 level needs to hold. However, if this level is breached, the daily trend support at 1.23 could come back into play.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2600	1.2560	1.2500	1.2417	1.2390	1.2290