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GBP/USD slips after UK borrowing surges as UK PMI data awaits

The latest UK government borrowing data, released a short while ago has shown quite a significant increase. Yesterday, the Pound fell back versus the US currency and that saw the GBP/USD hit a fresh interim low, at exactly 1.2300. However, it did later rebound into the US close, as the dollar came off the boil. The GBP/USD closed in the US last night at 1.2350. It has not made much progress so far today though and following that borrowing data, it has dropped back a bit. That data was not good folks, but perhaps the more important UK data is due out later on. That comes art 8.30am GMT and it is the PMI Services and Manufacturing flash readings for April. The markets are not expecting any real improvement from the previous numbers and the Pound could really do with that, if it is to make further progress and snap the current downside trend. The GBP/USD is currently trading at 1.2335
 

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