The currency pair has got some support from the US and UK data last week. GBP/USD stays close to the resistance at 1,2372 in the moment of writing.

Beside weak US data that we have mentioned in our EUR/USD review, stronger than expected UK Manufacturing PMI data influenced the currency pair positively as well. The indicator reached 48,3. This is a positive signal despite the fact that it stays below 50.

UK Services PMI declined to 49,5. However, weak US data supported the currency pair until the end of the week.

We expect GBP/USD to develop the uptrend this week. The currency pair has to break out the resistance at 1,2372 to support this scenario. GBP/USD is likely to move towards 1,2677 in this case.