FXStreet (Edinburgh) -The sterling is now losing the grip vs. the greenback, with GBP/USD dipping to daily lows near 1.5250.
GBP/USD weaker post-PMI
The pair lost further momentum after the key Services PMI in the UK economy missed expectations at 56.5 for the month of May vs. consensus at 59.2 and April’s 59.5. Spot has broken below the key support at 1.5300 in the wake of the release, retracing part of yesterday’s abrupt ascent.
Without further data releases in the UK economy, the next risk event for the pair will be the US ADP report, expected at 200K during the last month.
GBP/USD levels to consider
The pair is now losing 0.44% at 1.5278 and a breakdown of 1.5200 (psychological level) would open the door to 1.5181 (low Jun.2) and then 1.5170 (low Jun.1). On the other hand, the initial up barrier aligns at 1.5375 (high Jun.3) followed by 1.5400 (psychological level) and finally 1.5430 (Tenkan Sen).
(Market News Provided by FXstreet)