UK manufacturing PMI came-in to 49.2 the lowest since February 2013. This is a negative surprise; given the CBI total trends data released last week had shown improvement in the activity.
Also note, cable had strengthened on April 24th following the CBI data release.
Consequently, the pair may test rising trend line support seen on hourly chart at 1.4650 levels.
Traders need to watch out for a rebound from 1.47 handle, which could be followed by a move back to daily high of 1.4769.
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