GBPUSD is walking around like a person that has dropped 50 quid then found a fiver
Poor old Betty is in a slump and it's going to take a lot to shake it off
The big UK services report is up in around an hour and it could be the data point to give the pound a pick-me-up
We're looking for a slight pick up to 57.6 from 57.4 in July. Since the run up through 2013 the sector has mostly gone sideways but with a slight downward slant
UK services PMI
Given the general feeling around markets right now it's going to take a bumper number to send the pound a good deal higher. I've a feeling that even if we do get a good beat any gains might not last. That in itself might provide a good trading opportunity in fading any rally
A miss is just going to add more weight onto sterling's shoulders and will probably help guide it down towards 1.5200
As usual look for the size of variation. A 1-2 point difference either way probably won't bring much of a reaction 2-3 points and we'll a bigger move. 3+ could set off some fireworks
There's still much to be enthusiastic about the UK economy but as I've mentioned on more than a few occasions before, our domestic strength will only get us so far. Getting external help is where we hit the brick wall and given the malaise over global growth, we're unlikely to get that help anytime soon
