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Forex: GBP/USD flat ahead of UK Services PMI

FXstreet.com (Barcelona) - The GBP/USD is trading flat on the day, around 1.5534, ahead of the publication of UK Services PMI that is expected to stay unchanged in April, at 52.4.

“The better than expected improvements in both the manufacturing and construction PMIs may offer slight upside”, wrote TD Securities analyst Alvin Pontoh. “Plus services, particularly transportation, was surprisingly strong in the Q1 GDP figures, so there is a risk of a stronger PMI if that strength is real, or we could be at risk of a correction if this proves unsustainable given the overall flat pace of growth in the economy”, he added.

The GBP/USD up move during the last days of April was capped at 1.5606 high on Wednesday, while 1.5500 held the pair against further correction yesterday.

Commerzbank analysts favor failure at 1.5600. “Loss of the 1.5412 mid-April peak is needed to alleviate immediate upside pressure and signal a slide back to the 1.5286 uptrend line”, wrote analyst Karen Jones, adding that in case the GBP/USD extends above 1.5600, the pair should cap at 1.5760/82 (200 day ma and 61.8% retracement).

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