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UK Services PMI Shows Strong Growth – GBP/USD Rises

Services PMI  in the UK  rose nicely to 54.9 points was expected to rise from 52.9 to 53.1 points last month.

GBP/USD is higher following the publication: from the lows of 1.5305 to 1.5360 at the time of writing. It already reached 1.5369. The British pound has shown resilience throughout the various dollar storms, and apparently has good reasons to do so.

This positive figure joins better than expected PMIs in construction and manufacturing. Is the UK on the right track? The services sector is around 75% of the UK economy, so it is of high importance.

The figure is unlikely to impact the decision of the Bank of England on Thursday: it is the last one made by Mervyn King. He will probably leave the scene for successor Mark Carney.

1.54 is fierce resistance, as seen in recent days. Support is found at around 1.5260 before the round 1.52 line.

For more, see the GBP to USD forecast. Here is an hourly chart of pound/dollar:

[do action=”tradingviews” pair=”GBPUSD” interval=”60″/]

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.