The UK’s monthly services activity saw another weak month, tracking the slowdown across the manufacturing and construction sectors. Data from Markit saw the UK’s services sector easing to 50.2 in June. This was down from 51.0 estimates and the same level in May. The services activity caps a weak month of June which saw all three sectors showing a slowdown in the economy.
Can the GBPUSD Reverse Losses?
The currency pair has been posting solid declines for three consecutive days. Price action is now close to June 16, 17th lows of 1.2532. If this level is breached, then the potential inverse head and shoulders pattern is likely to become invalid. GBPUSD will need to post a daily close above 1.2600 in order to confirm any potential upside move.
