Germany reportedly regards UK PM May’s customs plan as ‘unworkable.’ GBP/USD quickly erases over 50 pips. Business activity in the service sector in the U.S. remains healthy. The GBP/USD pair came under a sudden selling pressure in the last hour after a Bloomberg report claimed that Germany was unconvinced by the British PM Theresa May’s customs plan post-Brexit. After dropping to a daily low at 1.3205, the pair retraced a small portion of its recent drop and was last seen trading at 1.3225, where it was virtually unchanged on the day. Citing sources familiar with the matter, Bloomberg reported that German Chancellor Angela Merkel’s government was unconvinced by the U.K. Prime Minister Theresa May’s ‘latest attempt at a compromise arrangement for customs after Brexit. Meanwhile, the monthly report released by the ADP showed that private sector employment grew by 177K from May to June to fall short of the market estimate of 190K. On the other hand, service sector PMI data released by Markit and the ISM both showed that the business activity in the sector continued to expand at a robust pace in June. Later in the session, the FOMC is going to publishing the minutes of its June meeting. “Minutes may contain further clues on how the Fed might react should the upward pressures on the EFF rate continue. If the Fed delivers according to the dot plot, we expect the fair value of the 10yr Treasury yield to rise to the range of 3.25%-3.50%, once/if the trade war fog dissipates. We still see signs that the USD could continue to perform in the current environment,” Nordea Markets analysts argue. Technical levels to consider The pair could encounter the first support at 1.3200 (psychological level) followed by 1.3150 (Jun. 19 low) and 1.3050 (Jun. 28 low). On the upside, resistances are located at 1.3275 (daily high), 1.3335 (50-DMA) and 1.3415 (Jun. 5 high). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Non-manufacturing PMI jumps to 59.1 in June from 58.6 in May – ISM FX Street 4 years Germany reportedly regards UK PM May's customs plan as 'unworkable.' GBP/USD quickly erases over 50 pips. Business activity in the service sector in the U.S. remains healthy. The GBP/USD pair came under a sudden selling pressure in the last hour after a Bloomberg report claimed that Germany was unconvinced by the British PM Theresa May's customs plan post-Brexit. After dropping to a daily low at 1.3205, the pair retraced a small portion of its recent drop and was last seen trading at 1.3225, where it was virtually unchanged on the day. Citing sources familiar with the matter, Bloomberg reported that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.