GBP/USD rallies amidst Greenback weakness on upbeat market mood
The Pound Sterling (GBP) rallies against the
US Dollar (USD) even though the latest round of UK
economic data didn’t support the advance of Sterling, but overall weakness on the Greenback keeps most G8 FX currencies underpinned. The
GBP/USD is trading at 1.2135 after sliding to a daily low of 1.2037 earlier in the European session.
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Pound Sterling eyes stability above 1.21 as US Dollar turns volatile
The Pound Sterling (GBP) attracts bids amid a correction in the
US Dollar after weaker-than-anticipated US ADP Employment Change data and a rebound in the UK's Services PMI data. S&P Global reported UK Services PMI at 49.3, higher than expectations and the former release of 47.2. The
economic data failed to capture the 50.0 threshold for the second time in a row but managed to improve the appeal for the Pound Sterling.
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GBP/USD could see 1.2000 revisited in the near term – UOB
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group note
GBP/USD could slip back to the 1.2000 region in the short-term horizon.
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