U.K. Manufacturing & Services PMI Data

U.K. Services PMI and Manufacturing PMI

U.K. will release manufacturing as well as services PMI data around 0430 ET/0830 GMT. Markets expect positive reading for U.K. manufacturing PMI around 52.0 vs 50.1 previous release and services PMI around 51.4 vs 47.1 previous release. Since last 2 months U.K. has released this data with positive numbers. If the data comes above 50.0 then it indicates expansion and below 50.0 indicates contractions.

Here 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.

The data will give further directions to the GBP against major peers.

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

June 23: POSITIVE DATA

May 21: POSITIVE DATA

Technical View:

GBP/USD: The pound touches $1.2773 mark against U.S. dollar. A sustained close above $1.2733 will drag the parity up towards $1.2777, $1.2803 and $1.2849 mark respectively. Key support levels are seen at $1.2661, $1.2510, $1.2457 and $1.2422 mark respectively.

Take a look and do trade wisely!

Good Luck

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