Flash estimates from Markit in regards to the manufacturing and services activity saw a modest rebound. Manufacturing activity rose to 49.8 while services PMI rose to 52.9. On both counts, the data beat the forecasts. But the sterling ignored the report and reversed gains.
GBP/USD Pares Gains, Moving Back into the Range
The currency pair gave up the gains after initially breaking out above 1.3100 level. With price settling back below this level, we anticipate a sideways range. The currency pair could remain range bound within 1.3100 and 1.2960 once again. But the downside remains limited for the moment.
