GBPUSD Exchange Rate Touches Above The 1.3000 Mark

On Wednesday, the GBPUSD exchange rate has hit above the 1.3000 line. It was after publishing considerable gains last Tuesday.

Meanwhile, GBP/USD is trading at 1.2995, up 0.01% on the day in European trade. The currency in the U.K. had a reasonable period when it has posted its best one-day gain since mid-October.

The British pound is floating around the 1.33 line on Wednesday. There some movement from GBP/USD in the North American session, with essential services and employment reports out of the U.S.

Learn more about Forex Market Movements. Read here: Market News and Charts for December 03, 2019

On the other side, the Australian dollar weakens after GDP missed the forecast.

Moreover, PMI reports are vital gauges to the health of key sectors in the economy.

The week started with data from the manufacturing and construction industries.

However, both the Manufacturing PMI and Construction PMI controlled to beat their projections in November.

In addition, both remained stuck below the 50-level, which points to retrenchment.

Expansion Reading Above The 50-Level For The Grappling British Economy

Since April, neither PMI has demonstrated an expansion reading above the 50-level, which is indicative of a striving British economy. No relief will be anticipated from Services PMI, which will be issued later today.

The index managed to come close on a 50.00 in October. On the flip side, it is projecting to plunge 48.6 in the upcoming release.

There is also some movement from GBP/USD in the North American session. It has two key events out of the United States.

The ISM Non-Manufacturing PMI came in at 54.7 last October. A bit of adjustment was forecasted for the month of November, with an estimate of 54.5. The points are all acceptable for the expansion in the services sector.

Later, this week’s key employment issues kick off with ADP Nonfarm Payrolls. They are expecting to move up at 137 thousand, higher from 125 thousand a month earlier.

Meanwhile, the GBPUSD exchange rate is at present trading just beyond the 1.3000 level, which has psychological significance.

The pair can put some more space above this line. Moreover, it has room to move deep into 1.33 territory. On the downside, 1.2925 is delivering support.