GBP/USD Rebounds on Upbeat Market Sentiment Despite Weak UK Data

GBP/USD rebounds despite weak UK data, as upbeat market sentiment boosts the British Pound against overall Greenback weakness.

UK Services PMI and Composite figures indicate contraction, while US ADP and ISM Non-Manufacturing data show hiring and activity slowdown.

GBP/USD remains tilted to the downside on the daily chart, but has formed a ‘bullish engulfing’ pattern signaling further upside.

Resistance is seen at 1.2200, 1.2219, and 1.2271, while support holds around 1.2000 and the 2022 low of 1.1802.

Despite unsupportive data, GBP rallies on USD weakness and positive market mood, though risks remain tilted to the downside technically.