GBP USD Analisi Tecnica - GBP USD Trading: 2025-05-02

While S&P Global upgraded UK manufacturing sector performance data, the final reading still indicates UK manufacturing sector contracted in April: the Manufacturing PMI was revised up to 45.4 for April, slightly higher than March’s 17-month low of 44.9 and above the preliminary reading of 44.0. Readings above 50.0 indicate industry expansion, below indicate contraction. And the Bank of England reported UK consumer credit growth was at 9-month low: net consumer credit borrowing by individuals in the United Kingdom was £0.9 billion in March, the lowest level since last June, down from the revised £1.3 billion in February and missing market forecasts of £1.2 billion. The annual growth rate for all consumer credit decreased to 6.1% in March from 6.4% in February. At the same time, UK mortgage approvals fell more than expected: Mortgage Approvals fell by 800 to 64,300 in March, below market expectations of 64,800. Net mortgage approvals for house purchases is an indicator of future borrowing, and the decline in March was the third in a row. Weak UK economic data are bearish for Pound and GBPUSD currency pair. However, the current setup is bullish for GBPUSD.