workingtraders

$GBPUSD looking to Markit Services PMI to lead the way.

FX:GBPUSD   British Pound/U.S. Dollar
137 0 6
theworkingtrader.com

Support can be found at 1.5310 - 1.53600. (Yellow)
Support has been tested several times.
Key resistance stands at 1.5600 area.

We had positive data this week - Construction PMI improved and hit 60.1 vs 50 expected.
Overall positive data flow from manufacturing/constructions/services. Which I believe will keep the bullish sentiment in tact.
This appears to be a small correction due to broad USD strength. We are looking for prices over 1.5400 to stabilize.
Data release in the next 10 hours could spark a huge rally if we see a huge surprise.
Markit Services PMI is due next (Consensus is 57.5 vs Previous of 57.2) A reading over 58 would be extremely bullish for the pair.
We are also looking for more Hawkish headlines talking up a possible rate hike sooner than later.
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