GBP/USD Technical Analysis: Disappointing UK PMI prompts some profit-taking amid overbought conditions

   •  The British Pound surged across the board amid the latest Brexit optimism, helping the pair to finally break through a two-week-old descending trend-line resistance.

   •  A strong momentum beyond 200-hour SMA adds credence to the bullish breakout, though overbought conditions on the 1-hourly chart hindered any further up-move.

   •  Disappointing UK manufacturing PMI gave traders another reason to take some profits off the table ahead of the latest BoE monetary policy update. 

   •  Technical set-up, however, favors an extension of the positive momentum and hence, any meaningful dips are likely to be bought into near the 1.2830 region.
 

GBP/USD 1-hourly chart