Growth is slowing in the UK services sector, with Markit’s PMI sliding to 52.3 points, significantly worse than 53.5 points predicted. Does this reflect Brexit fears?
GBP/USD extends its slide and reaches 1.4468. The drop began before the publication, which is a common practice with UK publications.
The purchasing managers ´index for the UK services sector was expected to slide from 53.7 to 53.5 points, still reflecting OK growth. This is the last and most important of 3 PMIs and a disappointment could not be ruled out, because of the significant disappointments in both the manufacturing and construction figures.
GBP/USD traded ;lower ahead of the publication, standing around 1.4480. Support awaits at 1.1440 and resistance at 1.4580.
The big cloud looming over the UK is the June 23rd referendum in which Brits will decide if to remain or to leave the European Union.
More: GBP/USD Elliott Wave Analysis
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