GBP/USD Daily Forecast – 04 March

Yesterday's session was marked by UK Services PMI data. The UK’s dominant service sector lost momentum in February, according to the latest PMI survey data from Markit and CIPS. Growth of both total business activity and new business were the weakest since March 2013, leading firms to raise employment at the slowest pace in two-and-a-half years. The seasonally adjusted Business Activity Index fell to 52.7 in February, from 55.6 in January. This signalled the slowest rise in service sector activity since March 2013. Moreover, the Index was below its long-run trend level (since July 1996) of 55.2. Nevertheless, services output has risen continuously for 38 months, the second-longest sequence of expansion in the survey history.

GBP/USD Daily Forecast – 04 March

Sterling spent most of the yesterday's session in an uptrend, thus continuing Wednesday's incline, going all the way to near 1.42 handle, which is of course bullish sign, but this area offered some amount of resistance at the moment.  As for tomorrow, any type of supportive candles around 1.41 level and 1.4050 area, would be short-term buying signal, while resistive candles above 1.4250 area, would offer short-term buying opportunity. Read more...

UK Services PMI at the lowest level since March 2013

GBP/USD Daily Forecast – 03 March

Yesterday, from the UK Construction PMI data was published.February data highlighted a further loss of growth momentum across the UK construction sector, with output, new orders and employment all expanding at slower rates than at the start of 2016.  The headline seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index registered 54.2 in February, down from 55.0 in January and the lowest since April 2015. Increase to 55.5 was forecasted.