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GBP/USD off lows, flirts with 1.4400 ahead of PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The offered tone around the GBP is seen dissipating as we progress towards the UK services PMI report, lifting GBP/USD back to 1.44 handle.

    GBP/USD awaits UK data

    The GBP/USD pair drops -0.08% at 1.4399, reversing a brief dip to 1.4384 session lows. The cable is struggling hard to regain lost ground amid easing risk-off moods, although expectations of a slight downtick in the UK services sector report keep a lid on the prices. The UK services PMI in January is seen ticking down to 55.3 from the 55.5 booked in Dec.

    Moreover, the fragile recovery in the oil prices also continues to weigh on the investors’ minds and curbs the demand for the risk currency GBP. Later today, following the release of UK services PMI data, markets will look forward to the US ADP jobs data and the ISM non-manufacturing PMI report for fresh direction on the major.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4438/48 (Daily & Feb 1 High), above which 1.4500 (round number) would be tested. On the flip side, support is seen at 1.4345/44 (5-DMA/ 1h-100-SMA) below which it could extend losses to towards 1.4250/ 24 (psychological levels/ Feb 1 Low).
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