StockMarketWire.com - The British pound is tiptoeing ever closer to the key resistance level of $1.61, having failed to consolidate gains above that level over at least the past two months.
At 1106 GMT, the pound was up 0.2% at $1.6056, having rallied from around $1.58 two weeks ago.
Through October, the pair, known as the Cable, seesawed either side of the $1.61 mark, but any gains above that level were short lived.
Brokerage TJ Markets said the Cable seemed to be holding up well around the $1.60 area.
"The lack of recent weakness would indicate that there may be a touch more upside to come. Watch out for a move above $1.61," TJ Markets said.
Earlier today, the UK Manufacturing PMI came in at 49.1 in November, the highest level since August. The numbers beat analyst estimates of 48.0. October's numbers were revised downwards to 47.3 from 47.5.
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