Where Does GBP Stand After the Softer Services and Manufacturing PMI?
Today is a services and manufacturing PMI day, with reports released from the UK and the Eurozone, followed by the US figures. The UK services showed a slowdown in November after a jump higher in October, however, the numbers were revised higher late. The GBP turned quite bullish in October and November while it has been consolidating for more than a month, which shows resilience after the bullish return of the USD.
GBP/USD Daily Chart – The MAs Keeping It Supported
The Bank of England refuses to signal the dovish shift, despite the decline in CPI (Consumer Price Index) accelerating in recent months in the UK, which has been keeping the GBP supported. However, the economy is suffering, after the disappointing numbers we have seen this month.
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Retail sales declined by 2.4% on an annualized basis for December, which shows that the consumer sentiment in the UK is weaker. Besides that, last week we also saw a considerable slowdown in Average Cash Earnings, which will affect the UK consumer negatively, raising concerns about economic growth and a recession. So, the officials at the Bank of England (BoE) are not a relaxed as they try to look.
Today we had the Services and Manufacturing PMI for December, with services activity expected to slow slightly but remain in expansion, while manufacturing activity was expected to increase but remain in contraction.
UK Services and Manufacturing PMI Report for December
GBP/USD Live Chart
ABOUT THE AUTHOR
See More
Add 3442
Related Posts
Add 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker