FX : GBP/USD: Pound rally extends to 1.6375 high on strong services PMI
FXstreet.com (Barcelona) - Pound's rally from 1.6115 low on Wednesday has extended on Thursday to test Tuesday's high at 1.6375 after a better than expected UK services PMI.
UK Services PMI has risen to 54.1 in August, from 53.2 in July, slightly above the market expectations of a reading about 54.0, and showing signs of recovery on the Services sector, predominant sector on UK economy.
The Pound has erased losses from Tuesday selloff, reaching right to Tuesday's high at 1.6375. In case of further appreciation, next resistance level could be 1.6400 and 1.6445 (Aug 25 high). On the downside, initial support lies at 1.6235 intra-day low, and below there, 1.6185 (Aug 31 low) and 1.6115 (Sept 1 and 2 low).
