British Pound jumped ahead of UK data – manufacturing production as markets were expecting to print upbeat (since manufacturing PMI in Jan was at three-month high)
Following the data, Cable hardly managed to add pips, hence I believe it is heading lower on buy the rumor, sell the fact trade
Here is the GBP/USD hourly chart
Hourly chart also showed bearish price-RSI divergence yesterday, which remains intact as long as 1.4284 resistance holds.
Given the pair hasn’t benefited much from the upbeat data release, it is likely that bearish price-RSI divergence would come back into play and push the spot lower to 1.4178 levels.