The UK services PMI overview

The UK economy will release its September Services PMI later in the European session at 0830GMT, which is expected to come in at 53.5, down from 54.2 recorded in the previous month.

How could it affect GBP/USD?

Ahead of the key data, the GBP/USD pair holds above the 1.3500 psychological mark, though it seems to struggle to capitalize on the previous day’s goodish rebound from the vicinity of mid-1.3400s, or an over two-week low. A stronger UK Services PMI print could provide a modest lift to the British Pound (GBP), though the immediate market reaction is more likely to be limited amid the emergence of some US Dollar (USD) dip-buying.

Conversely, a weaker print might prompt fresh selling around the GBP/USD pair against the backdrop of the Bank of England’s (BoE) dovish outlook. This, in turn, suggests that the path of least resistance for spot prices is to the downside, and any attempted positive move could be seen as a selling opportunity.

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