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The British service sector expanded at the slowest pace in almost a year in August as subdued client demand and heightened uncertainty about the domestic economic outlook weighed on business activity. The services Purchasing Managers' Index fell more-than-expected to 53.2 in August from 53.8 in July, survey data from IHS Markit and the Chartered Institute of Procurement & Supply showed Tuesday.
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GBPUSD extended its bullish movement from 1.2774 to as high as 1.3138. As long as the price is above the bullish trend line from 1.2774 to 1.2852 on the 4-hour chart, the upside movement could be expected to continue and next target would be at 1.3200 area. Near term support is at 1.3018, followed by the bullish trend line now at 1.2935. Only a clear break below the trend line support could signal completion of the uptrend, then the following downside movement could bring price back towards 1.2774. The 1.2774 level could be treated as the key support for the uptrend from 1.1987 (Jan 16 low), below this level could trigger another fall towards 1.1946 (Oct 7, 2016 low).
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UK inflation climbed more-than-expected in August to its joint highest level in over five years, driven by strong increase in clothing and petrol prices, adding pressure on the Bank of England rate-setters to raise interest rates amid the Brexit-fueled economic uncertainty.
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British households' current financial pressures intensified in September amid rising living costs and subdued pay growth, while their outlook signaled the lowest degree of pessimism for seven months, results of a survey by IHS Markit and market research company Ipsos Mori revealed Monday.
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GBPUSD stays above a bullish support trend line on the 4-hour chart and remains in the uptrend from 1.2774, the fall from 1.3618 is likely consolidation of the uptrend. Deeper decline is still possible and next target would be at 1,3400, followed by 1.3370. As long as 1.3370 level holds, the bullish movement could be expected to resume and an upside break of 1.3618 resistance could signal resumption of the uptrend, then next target would be at 1.3950 area. Key support is located at the bullish trend line, only a clear break below the trend line support could bring price back towards 1.2774.
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GBPUSD moved sideways in a trading range between 1.3451 and 1.3652. The sideways movement is likely consolidation of the uptrend from 1.2774. As long as 1.3451 support holds, the uptrend could be expected to continue and next target would be at 1.3950 area. On the downside, a breakdown below 1.3451 support could bring price back towards the rising trend line from 1.2909 to 1.3153 on the 4-hour chart, now at around 1.3340. Only a break through the trend line support could indicate that the bullish movement had completed at 1.3652 already, then the following downside movement could take price to 1.2850 area.
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GBPUSD is testing a long term resistance trend line on its weekly chart. A clear break above the trend line resistance could see price rise towards next resistance level at 1.3950. This level would be the final destination of the bullish movement from the October 2016 low of 1.1946. Near term support level is at 1.3360. A breakdown below this level could see a reversal pullback towards the bullish support trend line on the daily chart. A clear break below this trend line could confirm that the whole upside movement from 1.1946 is complete.
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Bank of England Governor Mark Carney said the prosperity of the nation will reflect the final Brexit arrangements and government's fiscal and structural policies.
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The UK economy grew as previously estimated in the second quarter, the Office for National Statistics said Friday. Nonetheless, past data on the national accounts and balance of payments were revised. Gross domestic product grew 0.3 percent sequentially in the second quarter, unrevised from the second estimate published on August 24, and the same rate as seen in the first quarter.
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The UK manufacturing sector continued to expand in September, albeit at a slower pace compared to August, data from IHS Markit showed Monday.
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