GBP/USD traders eye UK PMI data
Looking at the way that GBP/USD has been trading over the last week, it looks destined to break below $1.5000 and set some fresh lows for the year.
Even with last week’s comments from the Federal Open Market committee, expectations regarding a rush to raise interest rates have failed to garner any optimism. Currency traders will be conscious of tomorrow’s UK services PMI figures and the importance of this sector to the UK economy will ensure a move in GBP/USD one way or another.
The pre-market open blip down to $1.4989 matched last Friday’s lows, but the near-term pressure of the 50-hour moving average should ensure that lower lows are seen at some point over the course of the day.