GBPUSD extends declines after very low UK PMI reading

10:30 AM 23 August 2023

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Composite: 47.9 vs. Exp. 50.3 (Prev. 50.8)

PMI data for the UK economy undermined recent market predictions of a BoE forward rate of 6%. The rate prediction has now fallen to 5.9%. Source: S&P Global

The GBPUSD pair loses more than 0.6% in the wake of the publication and breaks through the support set by the 100-day exponential moving average (purple curve). Source: xStation 5

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