GBP Waiting For UK Services

The UK services PMI report is about to be released and it looks like the GBP has been waiting for this report all morning. GBP/USD has been stuck around a bunch of moving averages on the hourly forex chart in anticipation.

The Eurozone services reports this morning missed expectations and the market is fearing another miss, this time from the UK.

Yesterday, the construction sector offered yet another negative number. Construction has always been a strong sector in the UK and if it falls close to contraction, which it did yesterday, then services are likely to take a dive too.

If today´s service report takes a dive, then I’m afraid the GBP is going to take a dive too. It should have done so yesterday, but the forex market was waiting for today’s report for confirmation. If the confirmation is negative, then I might sell GBP at spot. 

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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