GBP/USD: daily update

GBP/USD jumped from $1.5260 to $1.5370, supported by strongly positive UK data. British services PMI came at 60.2, what is the highest reading since the year 2007 (previous 56.9 and expected 57.4).

Last week the bears tried to take the cable lower, but the candle with long lower shadow shows they are still not strong enough. Support is seen at $1.5300, $1.5260, $1.5170 and $1.5100.

However, the pair still has a lot of resistance ahead: $1.5390 (61.8% Fibo), $1.5400/15 and $1.5435 (July highs). There is a high chance that these levels will cap the upside. A break above here could open the way to $1.5525 and $1.5600. 

Chart. H4 GBP/USD

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