The U.K data comes green today. The Composite PMI (Jul) rose 50.7, from 49.7 a month earlier, passing a forecast of 49.8. U.K Services PMI (Jul) also jumped to 51.4, from 50.2 in the preceding month. Analysts expect the indicator to rise to 50.4 in the last month.
This development supports the GBPUSD. The key support 1.2100 si likely to hold. The forecast is to consolidate within/around 1.2100/1.2142 range. minor resistance comes at 1.2170 levels. Above this level (not easy) will challenge 1.2220 levels.
The focus next will be on U.S ISM Non-Manufacturing PMI (Jul) today at 14:00 GMT. Analysts expect the indicator to jump to 55.5, from 55.1 a month earlier. In all cases, I think the pair will continue consolidating within 1.2100/1.2142 levels. However; below 1.2100 may expose 1.2000 levels. Above 1.2220 levels will advance the pair further higher to 1.2285/1.2357 levels.
Note that according to the 4-hour chart. The pair are building upward momentum above 1.2100 levels as shown below…
Support: 1.2142, 1.2100, 1.2000, 1.1900, 1.1800
Resistance: 1.2220, 1.2285, 1.2357, 1.2400, 1.2500, 1.2577