GBP/USD backs off rapidly from session highs as UK PMI data awaits

Following on from the French and German PMI data releases we have just had the equivalent data for the Eurozone as a whole. That was a little better than forecast, but not by enough to evoke any drastic reaction so far. Now shortly, at 9.30am GMT we will get the same data from the UK. The markets are not expecting much in the way of any significant improvement in either services or manufacturing. Where any improvement is forecast it is confined to the service sector. Ahead of this the GBP/USD had lifted quite sharply to a fresh session high at 1.2538. However, it has fallen back right now at an even faster pace. That is a little surprising and perhaps someone out there knows something we do not? Well, shortly we will find out if that is the case. The GBP/USD is just now trading at 1.2506