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UK services PMI at 53.8 within expectations – GBP rises

A slightly better than expected outcome for the UK services sector: a score of 53.8. This is not a huge surprise, but still somewhat encouraging.

GBP/USD is edging higher, trading around 1.3240. Tension remains high towards the decision from the Bank of England. The level of uncertainty is quite high amid the conflicting messages from Governor Mark Carney.

Update:  BOE votes 6:2 against a hike – GBP crashes

Update: the pair extends its gains and reaches 1.3267. Is the pound front-running the BOE? The surprise in the services PMI was not that huge.

Markit was expected to report a minor uptick in activity in the services sector: a score of 53.6 against 53.4 in the purchasing managers’ survey for July.

GBP/USD was trading steadily in range, around 1.3230. Resistance awaits at 1.3250, followed by 1.33. Support is at 1.3120.

Earlier this week, the manufacturing PMI surprised to the upside while construction disappointed. The services sector is the largest in the UK.

The big event for today and this week is the BOE decision.

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.