GBP/USD was slapped in the face by Services PMI

By FXstreet.com | July 03, 2014 AAA

FXStreet (Moscow) - GBP/USD froze around 1.7160 just before the release of UK PMI, and moved to 1.7132 low right after.



When all PMIs are out…

PMIs out of Manufacturing and Construction sectors were surprisingly strong posting new record highs and supporting the view the British economy is gathering pace. It also helped GBP/USD to settle above 1.71 area – that’s why the Service PMI was in market focus today. The index came out at 57.7 vs 58.6 previously, and 58.3 expected, thus sending the pound to 1.7132 low right after the release. The next target to the downside is at 1.7123.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.7162, with support below at 1.7144, 1.7123, 1.7105 with resistance above at 1.7183, 1.7201, and 1.7222. Hourly Moving Averages are mixed, with the 200SMA at 1.7051, and the daily 20EMA bullish at 1.6992. Hourly RSI is bullish at 51.



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