US data show better-than-expected numbers from the service sector. Greenback recovers ground during the American session as equity rally in Wall Street eases. The GBP/USD pair pulled back after the beginning of the American session amid a recovery of the US dollar. The greenback trimmed losses following better-than-expected US economic data. Cable peaked at 1.2520 before turning to the downside. Recently fell to 1.2478 and as of writing, trades at 1.2495, modestly higher for the day, holding a modest bullish bias. The pair, like last week, lost strength above 1.2500 and pulled back. The retreat took place after US economic data. The ISM Non-manufacturing Index jumped to 57.1, significantly above the 50.1 expected. Previously the Service PMI Markit also showed better-than-expected numbers. The dollar trimmed losses after the reports as Wall Street indexes moved off highs. Technical outlook The bullish short-term bias in GBP/USD is likely to remain intact as long as it holds above 1.2475 (20-SMA in 4-hour chart); below the next support is seen at 1.2435. On the upside, a consolidation above 1.2520 would clear the way to more gains in GBP/USD, initially to test 1.2540/45 (late June highs). 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 ISM non-manufacturing: Signs that the worst from the virus and lockdowns is fading – Wells Fargo FX Street 3 years US data show better-than-expected numbers from the service sector. Greenback recovers ground during the American session as equity rally in Wall Street eases. The GBP/USD pair pulled back after the beginning of the American session amid a recovery of the US dollar. The greenback trimmed losses following better-than-expected US economic data. Cable peaked at 1.2520 before turning to the downside. Recently fell to 1.2478 and as of writing, trades at 1.2495, modestly higher for the day, holding a modest bullish bias. The pair, like last week, lost strength above 1.2500 and pulled back. The retreat took place after US economic… 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.
