Yesterday's PMI data for the UK and the US came close to forecasts—worse than previous values for the UK but better for the US. Additionally, the US saw increases in factory orders and new private-sector jobs from the ADP report. However, ISM PMI indices reflected some weakening, leaving the overall balance in favor of the dollar.

Despite this, the pound showed growth by the end of the day, closing at the upper boundary of the 1.2612–1.2708 range instead of the lower boundary as anticipated. This suggests sustained investor interest in risk assets. With the release of expected strong US employment data, anti-dollar currencies and stock indices may continue to rise tomorrow. The pound could climb to the target level of 1.2859.

On the 4-hour chart, the price is struggling with resistance at 1.2708. The Marlin oscillator has moved into positive territory, increasing the likelihood of a successful consolidation above this level. We expect consolidation above 1.2708, followed by decisive growth on Friday.