Declining to its bottom-most level since February 2013, the Markit Manufacturing PMI in the UK modulated to 49.2 in April. This data was lower than the re-assessed value of 50.7 in March and below the economists' expectation of 51.2. The Manufacturing is still one of the most unpredictable sectors of the economy and still faces challenges including poor demand in the Asian markets and the slowing down of the euro area.
The first support occurs at 1.4480 and at 1.4400 subsequently. The first resistance stands at 1.4560 and at 1.4670 subsequently.
A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen and the Kijun-sen display a horizontal motion. The ascending movement will remain until the price is on top of the Cloud.
The MACD indicator is in a positive location. The price is strengthening.