News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
Pound Rallies Above 1.52 as Services PMI Blasts Expectations

Pound Rallies Above 1.52 as Services PMI Blasts Expectations

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK services PMI sets a new 3-year high at 56.9 -> Markit says it’s hard to see any BoE members voting to add to stimulus -> Pound rallies above 1.52

The UK services Purchasing Managers’ Index set a new 3-year high in June, thereby sending the British Pound higher. The PMI was reported at 56.9, beating expectations for 54.5 and higher than the 54.9 index result in May.

Services sector activity has increased for the sixth straight month, based on the index reported above the 50.0 neutral line. UK services employment increased at the fastest pace since August 2007, and confidence regarding future activity reached a 14 month high.

The positive economic release is significant ahead of tomorrow’s meeting of the Bank of England for the first time under Governor Marc Carney’s leadership. Expectations for the meeting are mixed, as an often dovish Carney faces a Monetary Policy Committee that has voted 6-3 against raising stimulus over the past five months. “With growth this strong, it’s hard to see how any of the members of the Monetary Policy Committee could make a case for further quantitative easing,” said Markit’s Chief Economist Chris Williamson.

The Pound has rallied about seventy points and above the 1.5200 line against the US Dollar, following the beat of expectations for the services PMI. GBP/USD may see resistance by a 100-day moving average currently at 1.5287, while a rising trend line from March may provide support around 1.5122.

(How does a Currency War affect your FX trading? Take our free course to find out!)

GBPUSDDaily: July 3, 2013

Pound_Rallies_Above_1.52_as_Services_PMI_Blasts_Expectations_body_gbpusd.png, Pound Rallies Above 1.52 as Services PMI Blasts Expectations

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.