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Yesterday the reading of UK PMI Services in July was 60.2 against expectations for 49.6. The growth of the pound was restricted by the fall of FTSE100 which dropped 0.42% (vs. a 0.28% growth of Stoxx600). It was followed by the news from HSBC slumped 5.1% in Hong Kong after earnings at Europe’s biggest bank missed analysts’ estimates. The pound closed the day having grown 60points.
Today at 12:30 UTC+4 data on UK Industrial Production in June is issued. UK Manufacturing Production is expected to rise 0.9% vs. a 0.8% drop in May; Industrial Production is estimated to grow 0.7% vs. 0.0% in May.
On the daily chart the price broke blue sliding Kruzenshern line and if the investors’ expectations are right, then after the rate breaks the yesterday’s high 1.5376, the first target of the upward movement is the resistance of the Kruzenshtern line on the H4 1.5395. When the indicator line is broken the price will move in the direction to break the high of July 25, 1.5435. When the range of support 1.5306/18 is broken, the price may drop to 1.5255.
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