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GBP/USD: Bulls demoralized ahead of UK data

FXStreet (Mumbai) - The GBP/USD remains firmly in the grip of the bears to trade weak around 1.4930 ahead of the critical UK services PMI release later today.

Off NY session lows, but weak

The recovery from the NY session low of 1.4894 stalled around 1.4950 levels in the Asia today. Sterling bulls are at their weakest since the election results due to BOE’s newly adopted dovish stance and due to a weaker-than-expected manufacturing PMI and construction PMI reports.

The immediate focus now is on the UK services PMI. Meanwhile, the action in the EUR/GBP pair ahead of the ECB rate decision could also influence the pair.

GBP/USD Technical Levels

At 1.4930, the immediate resistance is seen at 1.50 handle, above which the pair could test offers between the hourly 50-MA and hourly 200-MA seen at 1.5025-1.5073. On the lower side, the NY session low of 1.4894 could offer support, under which the pair could drop to 1.4856 (Apr 21 low).

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