Home UK services PMI jumps to 59.1 points – GBP/USD rises
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UK services PMI jumps to 59.1 points – GBP/USD rises

Good news from the biggest sector in the UK: growth is stronger than expected with 59.1 points.  UK services PMI was expected to rise to 58.1 points from 57.7 last month. Any figure above 50 represents growth. Numbers around 60  already represent strong growth.

GBP/USD was sliding from the highs towards the  release, trading at 1.6850.  The pair is already 30 pips higher– more coming —

The high so far is 1.6884. Update: it’s already 1.6888.

This rise compensates for the worries in the manufacturing sector that  originated from the weak manufacturing PMI and the weak manufacturing production data.

Yesterday we had a slightly better than expected construction PMI, that helped the pound a bit.  Friday’s manufacturing PMI was a big disappointment and this hurt sterling.

The composite purchasing managers’ index for July now stands at 58.8 points, better than 57.9 in June.

The Bank of England is not expected to move on the rates on Thursday.

Resistance awaits at 1.6940 and support at 1.6810. For more, see the GBPUSD forecast.

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.