GBP/USD made a breakout above another resistance level, riding on a positive PMI this time. It fully recovered from the blow it got yesterday and is better positioned for QE2. Will it jump higher? British purchasing managers’ index for the services sector scored 53.2 point, better than 52.4 that was expected. Predictions stood on a drop from 52.8 to 52.4, but the figure surprised. Yesterday, the pound was pounded on weak PMI in the construction sector. Construction was a key to the strong growth in Q3, and a weaker number meant slower growth. Well, the mood changed today with the good result from the services sector that got further away from the important 50 point line that marks the difference between contraction and expansion. GBP/USD now trades at 1.6116, jumping over the 1.6080 level. The next level isn’t that close – 1.6280. Below, the round number of 1.60 provides support. The recent GDP figure took the pound out of its relative weakness. More technical levels can be found in the recent British Pound forecast. The Services PMI is another factor to be weighed by policymakers as they meet tomorrow (Thursday) to make their rate decision, less than 24 hours after the critical QE2 decision in the US. Current expectations for the FOMC meeting stand on a plan of $500 billion. More on the big quantitative easing event: QE2 Expectations Narrowing 5 Scenarios for QE2 Will the pound continue going up? Or will it return to its previous vulnerable position? Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD Nov. 3 – Flirt With Parity Before QE2 Yohay Elam 11 years GBP/USD made a breakout above another resistance level, riding on a positive PMI this time. It fully recovered from the blow it got yesterday and is better positioned for QE2. Will it jump higher? British purchasing managers' index for the services sector scored 53.2 point, better than 52.4 that was expected. Predictions stood on a drop from 52.8 to 52.4, but the figure surprised. Yesterday, the pound was pounded on weak PMI in the construction sector. Construction was a key to the strong growth in Q3, and a weaker number meant slower growth. Well, the mood changed today with the… Top 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.
