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Forex: GBP/USD jumps on surprising UK Services PMI

The event of the day for the GBP is the UK Services PMI. Much may be at stake here as the BoE meeting is this week and there is scope for more dovish action. The publication revealed a final reading of 51.8, higher than the expected 51.0 and the previous reading of 51.5. The GBP/USD already jumped to 1.5174, fully retracing last week's losses.

The US session will have US ISM non-manufacturing PMI to price in. Consensus points to a drop from 55.2 to 55.0 in February.

“Studies on 4h chart are gaining momentum however, clearance of initial 1.5140/50 barriers is required to open way towards more significant 1.5220 breakpoint”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to hourly bullish 20/55 day EMA crossover underpinning at 1.5100, while downside risk would increase on a break below 1.5070, previous consolidation floor.

UK: PMI Services expands to 51.8 in February

UK PMI Services increased to 51.8 points in February, from 51.5 points in January, according to data released today by Markit. Market consensus pointed to a drop to 51.0.
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Forex Flash: RBA holds rates and maintains easing bias - Societe Generale

Kit Juckes, Global head of Currency Strategy at Societe Generale notes that the RBA left rates at 3% and while an easing bias remains in place, the fine print of the policy statement was marginally less dovish than last month.
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