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GBP/USD reacts lower after dismal UK service sector PMI data
The UK flash August service and manufacturing sector PMI data has just now been released. It was noted here earlier; that the BOE paused its rate hiking cycle yesterday in presumption that this data might be weak and we would soon find out if that was the case. Well, it has just now hit the screens and it was weaker in terms of services, but not in manufacturing so much. However, the miss on services, was poor and the GBP/USD has fallen back on the news of that falling to 47.2 from a previous reading of 49.5. The GBP/USD has in fact now fallen to below the lows seen yesterday, at 1.2239. The pound has rebounded from a neew low at 1.2235 and is just now at 1.2250
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