The composite reading will also be released as well

Both prints are expected to hold steady as per May, with a 54.0 print expected for the services reading while a reading of 54.5 is expected for the composite print.

If along those estimates, the data should do just right in reaffirming the BOE is still on the correct path to raising rates in August - but would not add to that rhetoric. Sterling may hold steady and get a bit of a minor bump up, but the only expectation here is that it won't derail the BOE's tracks of pushing forward with a rate hike this year.

A strong beat on the data though would give sterling a good boost and likely increase the chances of a rate hike. But the opposite holds true in the event of a sizable miss in the figures.

Here are some levels to watch out for in cable ahead of the release:

Resistance

- 61.8 retracement level / 29 June high @ 1.3214

- 76.4 retracement level @ 1.3252

- 1.3300 handle

- 22 June high @ 1.3315

Support

- 200-hour MA @ 1.3190

- 100-hour MA / 38.2 retracement level @ 1.3151

- 1.3100-10 (near the 23.6 retracement level @ 1.3112)