5 Aug 2015
GBP/USD drops below 50-DMA ahead of UK data
FXStreet (Mumbai) - The offered tone on the GBP/USD remained intact in the Asian session on Tuesday, pushing it below the 50-DMA located at 1.5558.
Focus on UK data
The spot printed a session low of 1.5526 ahead of the data in the UK, which could show the services PMI in July slowed to 58.00 from 58.5 in June. The manufacturing PMI and construction PMI released earlier this week provided little reason to cheer for the GBP bulls.
Post the UK services PMI, the investors shall watch out for the US ISM non-manufacturing report and the US ADP private sector employment report. The movement in the treasury yield curve shall also influence the pair.
GBP/USD Technical Levels
The spot currently trades around 1.5543. The immediate resistance is located at 1.5568 (38.2% of Jul14-Apr15), followed by another resistance at 1.56 handle. On the other hand, support is seen at 1.55 and 1.5466 (July 24 low).
Focus on UK data
The spot printed a session low of 1.5526 ahead of the data in the UK, which could show the services PMI in July slowed to 58.00 from 58.5 in June. The manufacturing PMI and construction PMI released earlier this week provided little reason to cheer for the GBP bulls.
Post the UK services PMI, the investors shall watch out for the US ISM non-manufacturing report and the US ADP private sector employment report. The movement in the treasury yield curve shall also influence the pair.
GBP/USD Technical Levels
The spot currently trades around 1.5543. The immediate resistance is located at 1.5568 (38.2% of Jul14-Apr15), followed by another resistance at 1.56 handle. On the other hand, support is seen at 1.55 and 1.5466 (July 24 low).