GBP/USD refreshes session tops post-UK PMI, nearing 1.41 mark

   •  UK manufacturing PMI betters market expectations.
   •  Renewed USD weakness supportive of the up-move.

The GBP/USD pair held on to its strong gains and might now be aiming towards reclaiming the 1.4100 handle post-UK manufacturing PMI.

The pair tick higher to 1.4085 level after data released from the UK showed manufacturing activity in the UK decelerated less than expected in March, with the Markit UK manufacturing PMI easing to 55.1 as against last month's 55.2 and 54.7 expected. 

This coupled with some renewed US Dollar selling, led by persistent US-China trade war fears and despite a goodish pickup in the US Treasury bond yields, remained supportive of the pair's steady climb through the early European session.

There aren't any major market-moving economic releases due from the US and hence, comments by FOMC members - Minneapolis Fed President Neel Kashkari and Governor Lael Brainard, would be looked upon for some short-term trading opportunities.

Meanwhile, this week's other important macroeconomic data, scheduled at the beginning of a new month should help investors determine the next leg of directional move.

Technical levels to watch

Any follow-through up-move beyond the 1.4100 handle is likely to be capped at the 1.4120 support break-point, now turned resistance, which if cleared might negate any near-term bearish bias.

On the flip side, 1.4040 level now seems to protect the immediate downside, below which the pair seems to head back towards retesting the key 1.40 psychological mark.