Gtag:

Sterling Appreciates Ahead of U.K.’s Final Services PMI Data, 35+ PIP Volatility Likely; July 05, 2021

U.K. Final Services PMI Results

Today U.K. will release Services PMI results at 0830 GMT/1400 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. It is derived via a survey of about 650 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. Above 50.0 indicates industry expansion, below indicates contraction.

Let’s see how GBP has reacted during the previous data release:

June 03:

May 06:

Technical View:

GBP/USD:

  • The Sterling appreciates in Asian hours and touches $1.3845 mark ahead of Final Services PMI Results.
  • The pair made intraday high at $1.3845 and low at $1.3816 mark.
  • A day chart is bearish while H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1.3840 on H1 chart will check key resistances.
  • Alternatively, a consistent close below $1.3798 will check further supports.
SUPPORTS RESISTANCES
$1.3782 $1.3855
$1.3758 $1.3876
$1.3738 $1.3900
$1.3706 $1.3923
$1.3687 $1.3942

 

Take a look and do trade wisely!
Good Luck

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