Global macro overview for 05/08/2015:
The next portion of economic data from the UK is about to be released today. Among all PMI releases from EU countries, the UK services sector PMI will be released at 08:30 GMT. The market expects a slight decrease to the level of 58.1 in July from 58.5 in the prior month. Similar situation can be spotted on Core Services where the market expects a decrease to 56.9 from 57.4 a month ago.
Amid the situation, any surprise in data ( numbers better than expected) might help GBP/USD to breakout above the demand breakthrough zone and head towards the level of 1.5790.
The material has been provided by InstaForex Company – www.instaforex.com