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GBP/USD ignores higher UK PMI revisions

The revisions to the UK flash PMI data on services and the composite reading have been revised higher and actually quite a bit higher, but that has not had a positive impact on the GBP/USD. It has helped to push the EUR/GBP lower though and the reason for that is all about further gains for th dollar, which has now delivered a fresh 2024 low for the EUR/USD to below 1.0760. That was probably coming anyway and once again the reader is reminded of what has been said here earlier, about the prospect for that headed for a test of 1.0712. So, the GBP/USD is lower too but holding above 1.2600 for the time being and we can probably thank that UK data revision for that. At the same time, the GBP/USD remains at the mercy of the dollar though and that is still eclipsing any gains for the pound versus other leading currencies. The GBP/USD is currently trading at 1.2602
 

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