GBP/USD holds steady below 1.2600 mark, moves little post-UK PMI

The GBP/USD pair held on to its modest daily gains, albeit struggled to make it back below the 1.2600 round-figure mark post-UK macro data. The pair p  |  03/06/2020 09:39
  • GBP/USD continued scaling higher for the fifth straight session on Wednesday.
  • The upbeat market mood undermined the safe-haven USD and remained supportive.
  • The upward revision of the UK Services PMI failed to provide any meaningful impetus.

The GBP/USD pair held on to its modest daily gains, albeit struggled to make it back below the 1.2600 round-figure mark post-UK macro data.

The pair prolonged its recent bullish momentum and continued gaining traction for the fifth consecutive session on Wednesday. The prevalent US dollar selling bias lifted the GBP/USD pair to fresh one-month tops – levels just above the 1.2600 mark – during the Asian session.

However, hard Brexit concerns kept a lid on any strong follow-through gains for the GBP/USD pair. It is worth recalling that the UK dismissed reports that Prime Minister Boris Johnson was ready to compromise on key sticking points such as fisheries and the level playing field.

Meanwhile, Wednesday's release of the final UK Services PMI passed largely un-noticed and did little to provide any meaningful impetus to the British pound. The gauge for the services sector was revised higher to 29.0 for May as compared to 27.8 estimated earlier, albeit failed to impress bulls.

Later during the early North American session, the US macro data might influence the USD price dynamics and produce some meaningful trading opportunities. Wednesday's US economic docket highlights the release of ADP report on private-sector employment and ISM Non-Manufacturing PMI.

Technical levels to watch

 

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