We got a final UK PMI services for December and while it saw a huge decline vs November (when it was at 58.5) at 53.6 it was still 0.4 higher than initially reported. This, along with stabilization of market sentiment, helped GBP recover in what might be an important day for the GBPUSD. The pair reversed sharply lower yesterday from a 2-month high and it was not just any reversal but a pullback from 2 important resistances – upper limit of a strong downward channel and a strong horizontal level of 1.36. For now it still looks like a downward trend continuation.
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