GBP/USD gains as UK manufacturing PMI beats expectations at 49.7

GBP/USD has edged higher following the release of UK's October final manufacturing PMI at 49.7, surpassing both the preliminary reading of 49.6 and September's 46.2. The data marks the first rise in UK manufacturing output in twelve months, though the index remains below the 50.0 expansion threshold. S&P Global's Rob Dobson noted concerns about the sustainability of this bounce, as total new orders and export orders continue contracting, albeit at slower rates. The improved reading provides temporary support for sterling, which has been under pressure from Bank of England rate cut expectations. Technical resistance for GBP/USD sits near 1.2950, with support at 1.2850. Traders remain cautious as the manufacturing sector's recovery appears fragile, and upcoming UK economic data will be crucial in determining whether this improvement can be sustained.