UK PMI Construction in May was 50.8 vs. expectations for 49.8 and April's figure of 49.4. However, being under the market's pressure, the pound did not manage to develop upward movement and stayed in the assumed range.
Today at 12:30 GMT+4 Services PMI in the UK in May is issued, forecast 53.1 vs. 52.9 in April. In the evening strong data on the US is published (ADP Non-Farm Employment Change in May, forecast 170K vs. 119K and US Factory orders in April, forecast 1.6% vs. -4.9% in March).
Technically, the price has consolidated under the trend line on the daily chart and Marlin oscillator did not manage to overcome zero line, staying in the negative zone. If testing level 1.5273 is overcome, the first target 1.5238 9the high of May 31) opens, the second target is 1.5186, the level of Fibonacci 23.6% on the H4.
If investors consider that on PMI indices one may buy short, then move to the area of the high of June 3 followed by drop is possible.
