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GBP/USD testing 1.5200 on PMI

FXStreet (Edinburgh) - The sterling is now easing from session tops vs. the US dollar, dragging GBP/USD to test the key support at 1.5200.

GBP/USD weaker after PMI

The pair has lost some of its initial upside momentum after the key Services PMI in the UK economy has disappointed investors during September, coming in at 53.3 vs. 56.0 initially forecasted. The print has also come in lower than August’s 55.6, adding to the downside.

There are no further releases in the UK today, whereas Markit’s Service PMI, ISM Non manufacturing and September’s Labor Market Conditions Index are all due across the pond.

GBP/USD significant levels

As of writing the pair is up 0.13% at 1.5206 with the next resistance at 1.5241 (high Sep.28) followed by 1.5261 (high Sep.25) and finally 1.5364 (high Sep.23). On the flipside, a break below 1.5168 (low Oct.5) would aim for 1.5137 (low Oct.2) and then 1.5107 (low Oct.1).

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UK services PMI dropped, New work growth hits 29-month low

The headline figure for the survey is the seasonally adjusted Markit/CIPS UK Services Business Activity Index fell to to 53.3, from August’s 55.6, indicating the weakest rate of growth since April 2013.
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