FxWirePro: GBP/USD continues downtrend, daily Stochs and RSI biased lower

Britain's dominant services sector grew at its weakest pace in more than two years in Aug, adding to uncertainty over BoE rates hikes.

• Data on Thur showed that Markit/CIPS services PMI dropped in Aug to its lowest since May 2013 at 55.6, down from 57.4 in July, well below forecasts of 57.6
   
• Markit added Britain's overall economic growth rate was likely to slow to 0.5 percent in the three months to September from 0.7 percent in Q2
   
• GBP/USD softer today, fell to as low as 1.5213 and has pared some loses to currently trade at 1.5227
   
• The pair continues to head south ignoring oversold levels, daily Stochs and RSI biased lower
   
• Immediate support is seen at 1.5219 (100% Fib extension of June high-July Low-Aug high), under which the pair could drop to 1.5205 (3rd Daily Pivot Support)
   
• On the other side, resistance is seen at 1.5264 (Sept 2nd low) and then at 1.5274 (21-HMA)
   

Resistance Levels:
R1: 1.5264 (Sept 2nd low) 

R2: 1.5274 (21-HMA)

R3: 1.5300 (Hourly Cloud Base)

Support Levels:

S1: 1.5219 (Daily Low Sep 3, 100% Fib extension of June high-July Low-Aug high)

S2: 1.5205 (3rd Daily Pivot Support)

S3: 1.5191 (Daily Low Jun 5)