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UK PMI data not so hot- GBP/USD stalls for now but check out the EUR/GBP
The UK PMI revision has just been released and it has rather disappointed the markets by being revised slightly lower. That is in contrast to the higher European revisions and it might have helped to stall the GBP/USD from making a further move above 1.2670. That remains to be seen though. At the same time the lower UK revision has helped to shift the EUR/GBP higher. That kind of makes sense in terms of judging FX reactions to the latest data both sides of the Channel. The EUR/GBP is now above 0.8575 and the most recent highs, around 0.8600 might yet come back into focus once more. We shall see on that. The UK services sector was revised lower to 53.1 from 53.4. The EUR/GBP is right now trading at 0.8577
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