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5 Mar 2013
Forex: GBP/USD jumps on surprising UK Services PMI
The event of the day for the GBP is the UK Services PMI. Much may be at stake here as the BoE meeting is this week and there is scope for more dovish action. The publication revealed a final reading of 51.8, higher than the expected 51.0 and the previous reading of 51.5. The GBP/USD already jumped to 1.5174, fully retracing last week's losses.
The US session will have US ISM non-manufacturing PMI to price in. Consensus points to a drop from 55.2 to 55.0 in February.
“Studies on 4h chart are gaining momentum however, clearance of initial 1.5140/50 barriers is required to open way towards more significant 1.5220 breakpoint”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to hourly bullish 20/55 day EMA crossover underpinning at 1.5100, while downside risk would increase on a break below 1.5070, previous consolidation floor.
The US session will have US ISM non-manufacturing PMI to price in. Consensus points to a drop from 55.2 to 55.0 in February.
“Studies on 4h chart are gaining momentum however, clearance of initial 1.5140/50 barriers is required to open way towards more significant 1.5220 breakpoint”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to hourly bullish 20/55 day EMA crossover underpinning at 1.5100, while downside risk would increase on a break below 1.5070, previous consolidation floor.