GBP/USD spikes to new rebound high as UK PMI data outshines

The UK flash November PMI data on services and manufacturing has now been released. As previously mentioned, the markets were not really looking to any of this data to show significant improvement from the October numbers. Well, it has. The UK services PMI has lifted to above 50, rising from 49.5 to 50.7. The manufacturing number is higher too, alt 46.7 from 44.8. This is good data and certainly better than anything seen out of Europe earlier this morning. So, the GBP/USD has rebounded and just now spiked to a new session high at 1.2564. However, and once again it has come back down almost as fast. That 1.2560 level clearly remains sticky and we also have that major level to 1.2589 to note, should the price rebound again. This was good dat from the UK today and that should it nothing else, underpin the pound. The GBP/USD is just now trading at 1.2542