The UK services sector is enjoying accelerated growth according to Markit’s PMI. A score of 56.2 is significantly better than 54.7 expected. The services sector is the largest in the UK.
GBP/USD, that was putting on its tin hat ahead of the publication, is now bouncing to 1.2315. This is a jump of around 30 pips from the pre-release level and some 40 pips from the lows of the day.
Here is how it looks on the chart:
Markit was expected to report a small slide in the purchasing managers’ index for the services sector: from 55.2 to 54.7 points.. This is the last out of three PMIs for December, and the most important one. The previous PMIs, for the manufacturing and the construction sectors, beat expectations.
GBP/USD traded around 1.2280 ahead of the announcement, sliding from the highs that were seen earlier. The pair reached 1.2362. Resistance awaits at 1.23, followed by 1.2380. Support is at 1.22.
Preview: trading the UK services PMI with GBP/USD.
