The services PMI report from the UK, as reported by IHS Markit, showed a solid print. Services sector activity rose to 53.9 in January, beating estimates of 52.9.
In December, the services PMI was at 52.9. The increase in the services sector underlines a similar trend across the construction and manufacturing sectors during the month.
GBP/USD Bounces Off Support
The currency pair fell once again to the support area of 1.2960. However, prices were rejected strongly for a second time.
As mentioned previously, the currency pair will need to establish firm support at this level in order to maintain any gains. The current rebound will keep price action limited below the 1.3100 level.
