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GBP/USD broke below 1.60 on weaker UK PMI

FXStreet (Moscow) - GBP/USD never stopped falling ever since it failed to break above 1.6020; it posted 1.5925 low before the PMI data, and moved to 1.5888 post the report.

The broad-based strength of the USD helped by the Republican win pressured the pound in early European trades. However, the pair had hope to recover at least part of the losses, as the market awaited Services PMI report. The previously released Manufacturing data exceeded expectations, but Construction sector printed disappointing numbers. The just released Services PMI report disappointed at 56.2 vs 58.5 expected, sending the pair to 1.5888 initially.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5994, with support below at 1.5970, followed by 1.5941 and 1.5917 with resistance above at 1.6023, followed by 1.6047 and 1.6076. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6043, and the daily 20EMA bearish at 1.6071. Hourly RSI is bearish at 28.

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