How Do UK PMI Indices Affect GBP / USD
In October, after PMI’s production growth to semi-annual highs, in November, PMI will be 49.0. In the services sector, the index of business activity will not change, maintaining the level of 50.00.With a rise above 1.2900, the pound is traded based on the growing popularity of the conservative party, which is likely to gain a huge number of votes in the elections arranged on December 12, as well as based on the weakening US dollar due to the trade conflict between the US and China. Players are now focusing on PMI indices.
If the results of the report are worse than expected, pressure on the pair may resume, and GBP / USD will be 1.2900 / 1.2898.If the data turn out to be favourable, GBP / USD could be 1.2928 and reach 1.3000 and 1.3014 (at the highs of October).