GBP/USD supported at daily pivot ahead of UK PMI

The GBP/USD pair is seen consolidating the upside almost throughout the Asian hours, having found solid support just below 10-DMA now located at 1.2216.

GBP/USD awaits UK manufacturing PMI

The cable is seen trying hard to do away with losses amid improved risk appetite, fanned by upbeat Chinese manufacturing reports and higher oil prices.

The GBP/USD pair remains under mild bearish pressure as we head towards the early European morning, in wake of a minor-rebound staged by the US dollar against its major peers as markets cheer Clinton taking a lead over her rival Trump in the election polls, with just a week remaining for the US presidential elections.

However, the downside remains cushioned on the back of BOE Carney announcement over his future at the central bank, noting that he plans to serve an extra year as head of the British central bank, until mid-2019.

Next in focus for the major remains the UK manufacturing PMI and ISM manufacturing PMI report from the US docket for fresh impetus on the spot.

GBP/USD Levels to consider            

At 1.2180, the pair finds immediate resistances placed at 1.2250 (key resistance), 1.2283 (daily R1) and 1.2300 (Oct 20 high). While supports are lined up at 1.2206 (5-DMA) and 1.2173 (daily S1) and below that at 1.2134 (Oct 17 low).