Cable pushes higher in morning trade over Europe, extending another 50 pips in the last hour to reach as high as 1.6360 where it appears to run into minor headwinds. The upside momentum comes on the back of an improving UK PMI result for the services sector, bucking the trend for other nations across Europe.
The EUR/GBP is similarly influenced by the fundamental release, dropping quickly from it´s prior high of 0.8760 back towards 0.8720. The pair hsa been trading just to the upside of 0.8700 in recent sessions, without being able to break above 0.8770 resistance.
Regarding the PMI report, the index for the UK services sector improved to 55.4 in July in comparison to the prior 53.9. The result is its best since March of this year.
Regarding the PMI report, the index for the UK services sector improved to 55.4 in July in comparison to the prior 53.9. The result is its best since March of this year.
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