GBP/USD technical analysis: Cable trading near daily lows ahead of ISM Manufacturing PMI

• Earlier in the London session, Markit Manufacturing PMI in the UK came in below expectation at 49.4 vs. 52.0 forecast.
• The ISM Manufacturing PMI in the US is scheduled at 14:00 GMT. 

GBP/USD daily chart

GBP/USD is trying to stabilize above the 1.2600 figure while trading below the main simple moving averages (SMAs). 

GBP/USD 4-hour chart

Cable is trading below its main SMAs suggesting bearish pressure in the medium term.

GBP/USD 30-minute chart

GBP/USD is trading near the daily low below 1.2630 resistance and the 200 SMA. Bulls intend to keep the market above 1.2600 and 1.2560 support. However, the key resistance to break to the upside is 1.2670 after which comes the 1.2700 figure.

Additional key levels