Next up UK PMI data- GBP/USD trades above 1.27

The GBP/USD has lifted above 1.2700 this morning and this is being driven by a combination of wider dollar weakness, EUR/USD gains and a push even higher on the GBP/JPY. That has now lifted closer to the 191 handle. The GBP/USD closed in the US last night at 1.2638. It has reached a high this morning a moment ago, at 1.2709. The pound is taking advantage of that dollar weakness, as the USD Index (USDX) slumps below the 104 handle. At 9.30am GMT we will get the equivalent PMI data from the UK, seen earlier from France and Germany. The markets are expecting pretty much unchanged flash readings here. As far as the UK is concerned, it is the service sector that matters most and that is set to show a reading at 54.1, slightly down from the previous reading at 54.3. The outcome of this data could determine whether or not this rise in the GBP/USD has further to run, or not. The GBP/USD is currently trashing at 1.2701