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05/02/2014: Expect a volatile day on GBP/USD, with a bearish bias

Last updated: May 3rd, 2017 at 09:59 pm

The UK PMI services data missed estimates slightly with 58.3 (58.8 expected).

This has put pressure on GBP/USD which is being dragged lower to test yesterday’s low at $1.6255.

However, be careful as the US ISM Non-Manufacturing number is out at 15:00GMT and if it is anything like the disappointing manufacturing number there could be a sharp jump in Cable this afternoon.

If this is the case, I am looking to sell into any bounce as I think that the key December low at $1.6319 will come under pressure in due course.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.