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Forex News from New Forex: The pound sterling falls against the euro and the US dollar

The British currency hit again a 31-year low against the greenback, the release of negative data on the UK service sector caused concerns over the impact of Brexit on the UK’s economy. The PMI service dropped from 53.5 in May to 52.3 in June, market participants expected a higher magnitude — 52.7. The currency pair pound/dollar stands at 1.3144 (-1.08%). The immediate level of support is seen at 1.3118, a low since June 27 and a 31-year low. A level of resistance is at 1.3339, a high since July 4.

The Bank of England Governor Mark Carney stated at the meeting today that the possibility of some slowdown of the economic growth can not be excluded. The number of vulnerable enterprises may increase due to hard economic perspectives. However, the financial system of the country is going to support companies who face difficulties.

The pound sterling edged down to 1.07% against the euro to 0.8479. The PMI service rose in Germany from 53.2 in May to 53.7 in June. In general the PMI service jumped in Eurozone from 52.4 to 52.8 last month.

NewForex Analyst

David Fineberg

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