Services PMI December 3 at 9:30 AM GMT/ UK Time
PMI (Purchasing Managers’ Index ) is one of the leading indicators of economic health and this announcment could bring some volatility in the GBP pairs on Thursday.
Many retail traders will be looking the announcment at 9:30 AM GMT/ UK Time. As we know so far, forecasted value 55.1 is slightly bigger than previous is ( 54.9) . Any value above 50.0 indicates industry expansion, while below indicates contraction. Most of the traders expect to see strength in GBP when the actual number is larger than forecasted, and othervise they expect the drop , especially if actual value is lesser than 50.0.
As our members already know, Technical Analysis is always a step ahead of Fundamental Events and there is no way to make good trade decisions based on Fundamentals. Future path is already included in price action and reading the market through cycles, Elliott Wave patterns and correlation is the key of making profit in this business. So regardless of the result of this event, best reading of the cycles is calling for another extension lower in GBPUSD toward 1.4882 -1.4778 area while pivot at 1.5127 high stays intact.
Note: all the labels have been removed from the $GBPUSD chart analysis in order to protect clients privileges.
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