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GBP/USD reclaims 1.2100 after higher UK Service sector PMI revision
Following on from all the higher European PMI revisions earlier this morning, the UK has just released their equivalent data and it has also been revised higher too. The Service sector PMI has been revised to a reading of 49.3 from 47.2 and that was the best of anything seen on the continent in terms of upward revisions. The GBP/USD has reacted positively to the news and lifted to fresh session highs. This is most welcome for the UK markets set against the backdrop of stream of negative domestic news flow in recent weeks. The GBP/USD might extend further on this if it can rise much above 1.2110 on a sustained basis. It is just now trading at 1.2103
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