Yesterday United Kingdom reported that construction PMI reached 51.0 level against forecasted 51.3. The pound sterling lost 60 points amid the news from Europe: Portuguese Foreign Minister resigned, political situation in Egypt is still unstable and may trigger the state of emergency.
At 12:30 (GMT+4) services PMI for June is due. The indicator is expected to hit 54.6 compared to 54.9 in May. Technically the pair may go lower to the trend line crossing on the daily chart to 1.5094 where the price is likely to stall ahead of tomorrow’s BoE meeting.
Should services PMI demonstrate better-than-expected results, the price, sparked by the positive data from the USA, can show a correction to the low of April 23 at 1.5195 and further to the trend line resistance on the H4 chart at 1.5264.
