The UK services sector is doing well: a score of 54.9 points was recorded in October, slightly better than expected.
GBP/USD rises to 1.5430, acknowledging the improvement but not going wild.
Markit’s last and most important purchasing managers’ index was expected to show an improvement in the services sector: from 53.3 to 54.5 points in October.
GBP/USD was trading at 1.5420 towards the release, steady in range. EUR/GBP was on the slide, at 0.7080.
Yesterday, the construction PMI came out at 58.8 as expected while Monday’s manufacturing PMI beat expectations with 55.5 points.
Cable has a clear range of 1.5470 to 1.55, with further levels at 1.53 and 1.56.
Tomorrow is the pound’s “Super Thursday” – the Bank of England releases its rate decision, meeting minutes and the Quarterly Inflation Report. We will see how close a rate hike is in the UK.
More: Fed and BoE interest rate hike – all eyes on the data? GBP/USD: Play the range
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