Sasha Singh
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GBPUSD : Awaiting Breakout After Consolidation

Pound strengthened against Dollar today after the Markit released the manufacturing PMI however the gains remained limited because of the Ukraine crisis. According to the data released the manufacturing PMI ticks higher and the manufacturing employment rises at the fastest pace since May 2011. The seasonally adjusted Markit PMI ticked higher to 56.9 in February from a reading of 56.6 in January and signaled improved operating conditions for the eleventh straight month. 

On the hourly chart the pair seems like consolidating between the two contracting trend lines of the symmetrical triangle. It will break out once it reaches the apex. From the stochastic oscillator the signal line below the moving average line gives upward bias and shows that the pair might breakout from the resistance trend line.