UK April manufacturing PMI better than expected

UK manufacturing PMI rose to 42.9 from a revised 39.5 in March, better than the median forecast of 40.0. It is th highest read since August 08.

Manufacturing new orders index rose to 46.3 from revised 39.4, the best read since April 08 and the biggest rise since 1996.

Cable has spiked higher on the news, presently at 1.4835. Technical resistance now lies up at 1.4850/55.

Aforementioned buy stops in GBP/JPY at 147.10/20 have been triggered helping cable’s cause. We’re presently at 147.50.