Next up comes the UK PMI revision- GBP/USD tests technical levels

At 9.30am GMT the UK will also release the final revision to the flash March PMI estimates for services and the composite readings. As reported in the previous update, we got improvements and higher final readings from the major European economies this morning and up next comes the same revision from the UK. The flash reading on UK services stood at 53.4 and it has long since been the best amongst all its European peers. So, because of that it will need to also be revised higher, if that is to remain the case. It is also important to note; that when it comes to services in the UK, it is the major part of GDP and hence possibly more important than across the channel. Just ahead of this the GBP/USD has tested those noted moving averages and so far stalled right on the 50 day, That is at 1.2669 and high seen so far has been set at 1.2670. If that does get properly taken out, then we have the next topside level of note at 1.2702- a downside trend line level from prior highs at 1.2894 and 1.2803. The GBP/USD is currently trading at 1.2662