Today we got UK manufacturing PMI data. After a couple months of sliding, manufacturing data has stabilized as seen in the historic chart below. UK Manufacturing PMI (November): 53.5Forecast: 53.1Previous: 53.3 (click to enlarge; source: forexfactory.com) As we can see from the GBP/USD chart below, the reaction was pound-positive helping the pair hold above that November/2014 low. The 4H candle engulfed the entire price action from Friday and is now poised to test the previous range resistance around 1.5737. The strength of this candle suggests we are going to see another round of consolidation like we saw during the latter half of November.However, if price fails to push above 1.5740, GBP/USD would retain its bearish bias, and we should anticipate the bearish continuation scenario.