The Pound is hovering around 1.1956 .
Trading week at a glance - GBP/USD is up to 1.1956, after closing yesterday at zero. Overall, a 0% move or 11,956 pips this week. (Start trading the Pound at FXTM today).
The British Pound upside coincides with further encouraging market factors as data for United Kingdom Services PMI (Jun) released yesterday at 8:30 AM comes out at 54.3, beating projections of 53.4 and showing improvement over the preceding figure of 53.4. United Kingdom Composite PMI (Jun) beats expectations of 53.1 with new data release of 53.7. This is also a step forward from the previous data of 53.1. United Kingdom GDP (YoY) (Q1) matches expectations with new data release of 8.7. This is also a step forward from the previous data of 6.6.
On the flip side, following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6. Manufacturing PMI (Jun) in United Kingdom fell short of the 53.4 projection with 52.8 and continued its downward trajectory from previous figure of 54.6.
Outlook for rest of the week: United Kingdom Manufacturing Production (MoM) (May) will be released Wednesday.
The market is looking forward to the release of new data: United Kingdom Industrial Production (MoM) (May) is projected to outperform its last figure with 0.2. It previously stood at -0.6, and data will be released Wednesday. United Kingdom BoE MPC Member Cunliffe speech set for today at 1:00 PM.