Sterling falls on weaker UK services sector PMI data, focus now turns to US ADP job report
Wednesday, August 5, 2015 9:28 AM UTC
- Sterling trimmed its gains on Wednesday after the UK services PMI came in worse than expected during July.
- The UK services PMI at 57.4 in July, compared to the 58.5 seen a month earlier. Markets expected the gauge to come at 58.0 in July.
- Downbeat services data follow the recent manufacturing PMI which beat expectations and improved slightly. However, there was an expected dip in construction to 57.1, with a slowdown in the residential housing sector particularly surprising.
- Initial support is seen around at $1.5522, Resistance around $1.5677 levels.
- We prefer to stay short on GBPUSD, entry $1.5590, stop loss $1.5638, target $1.5515 levels.
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