UK Markit/CIPS March services PMI data now out 5 April

  • 54.5 prev
  • composite 52.5 vs 54.0 exp vs 54.5 prev

Ouch. Not good especially given the sector's 80+% contribution to UK GDP

GBPUSD dips to 1.4030 but finding buyers as we remain range bound. EURGBP now 0.8733 from 0.8742 spike.

IHS/Markit says UK PMI points to Q1 GDP of just under 0.3% vs 0.4% in Q4 2017

Now the algos have had their say let's see what the market makes of the soggy readings. Second wave of GBP selling can't be ruled out but dip buyers poised again in the tight 1.4000-1.4100 range.

EURGBP has sell interest/res around 0.8750 and demand initially between 0.8710-20. GBPJPY will have buyers into 150.00 and sellers poised 150.50-80.