GBP/USD extends the downside in the early US trade, approaching the $1.6100 support. Intraday rallies were capped at $1.6175. The cable kept on falling despite the outstandingly strong UK construction PMI release (8 month high of 64.2). Tomorrow will bring us probably the most awaited release – Service sector PMI at 8:30 GMT. The index is expected to have declined from 60.5 to 59.1. However, even is the figure comes out stronger, we doubt that the current bearish trend could be paused. Hold a short position with a target of $1.6070.
USD/JPY extends the decline from the 110 mark, hitting 108.30 in Europe. The pair found some support in this area, but we expect the short-term sales to continue. Break below 108.20 will open the way to 107.30 and 106.80. The picture remains bearish below 109.00 yen. On Friday all eyes will be glued to the US NFP release – strong figures will clearly push the pair higher.
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