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6 May 2015
GBP/USD rises to 10-DMA ahead of UK services PMI data
FXStreet (Mumbai) - The GBP/USD pair rose to its 10-DMA located at 1.5232 ahead of the data in the UK, which is expected to show service sector expanded at a slower rate in April.
Focus on services PMI and elections
The investors await the services PMI for April which is expected to come-in at 58.5 compared to 58.9 in March. The data comes 24 hours ahead of the general elections, which are touted as one of the most unpredictable ones in the recent times.
Ahead in the day, the US monthly ADP employment change for April could also influence the pair. In the meantime, the rising UK-US bond yield spread could support GBP.
GBP/USD Technical Levels
The immediate resistance is located at 1.5272, above which gains could be extended to 1.5335. On the flip side, support is seen at 1.5162, under which the pair could drop to 1.5088 (100-DMA).
Focus on services PMI and elections
The investors await the services PMI for April which is expected to come-in at 58.5 compared to 58.9 in March. The data comes 24 hours ahead of the general elections, which are touted as one of the most unpredictable ones in the recent times.
Ahead in the day, the US monthly ADP employment change for April could also influence the pair. In the meantime, the rising UK-US bond yield spread could support GBP.
GBP/USD Technical Levels
The immediate resistance is located at 1.5272, above which gains could be extended to 1.5335. On the flip side, support is seen at 1.5162, under which the pair could drop to 1.5088 (100-DMA).