Yes folks, your GBP data risk arrives at 08.30 GMT
It's the only UK PMI reading of real note given the sector's c.80% contribution to UK GDP as I always point out.
I always point out that the algos will beat you to the headline however fast we/others get it to you so be ready to make your play as the knee-jerk noise unfolds.
I'm still trading from the short side up here and will continue to sell rallies. Large option expiries at 1.3000 today should also help cap. Large EURGBP expiries will also impact as the session runs toward 14.00 GMT
Data expectation both showing a slightly softer reading:
- services 53.5 vs 53.8 prev
- composite 54.0 vs 54.1 prev
Devil in the detail as always.
GBPUSD and EURGBP currently ranging at 1.2923 and 0.9191 after earlier dips.
GBPUSD
