The Sterling touched the new high against the Greenback after the PMI for the UK manufacturing sector was released. The GBP/USD jumped 0.24% or 32 base points to 1.3318, though the British Pound was unable to sustain gains and fell further after the US economic data.
Markit/CIPS report showed that the Britain’s Manufacturing PMI climbed to 56.3 points in the month of October, as the volumes of new orders and production entered the final quarter of 2017 on a strong footing. Moreover, better-than-anticipated data cemented projections for the Bank of England to raise its key interest rates tomorrow. The Sterling gained additional support this week after the progress on Brexit talks was made, but the bearish sentiment was confirmed in the pair for now.
