Forex: GBP/USD soars following improved European PMIs

GBP/USD has moved off support following a stronger than expected round of European Services PMIs.

With the exception of Italy, all figures came in better than expected this morning, but it should be noted that only Germany registered a reading above 50, the expansion/retraction watermark. Having made support at 1.5730, where the hourly bottom Bollinger Band lies, spot has climbed to where it trades at 1.5759, still shy of the daily high at 1.5768. Hourly RSI is at 54 but still largely in a ranging formation. UK Services PMI is due at 09:28 GMT ahead.