Sterling falls on weaker UK services sector PMI data, focus now turns to US ADP job report
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 com…
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.
