Global macro overview for 02/11/2015:
The better-than-expected PMI Manufacturing number for the UK (55.5 vs. 51.3) reflected the best month of output growth since June 2014 and it is at a 16-month high. The 3.7 gain in PMI was one of the steepest registered during the near 24-year survey history mostly because of a solid improvements in the rates of growth in output and new orders for both domestic and foreign markets. The big question now is whether this bounce is a one-off thing or the start of sustained re-emergence from recession.
The GBP/USD pair has bounced back to test the old technical resistance at the level of 1.5508. In case of any bullish breakout, the next resistance is seen at the level of 1.5659.