British pound rallies backed by UK services

British pound rallies backed by UK services

On Tuesday, the UK currency managed to gain, hitting the trading session's peak, underpinned by the news that business activity in the UK leading services sector soared stronger than anticipated in May.

The currency pair GBP/USD leapt by 0.48% coming up with a reading of 1.3375 in contrast with the previous outcome of 1.3332.

The UK currency soared in the face of indications of the revival of the UK economy after a recent slowdown provoked by bad weather. Apparently, the new data renewed predictions that the Bank of England could have the interest rate lifted in August.

In May, the index of business activity in the services sector of the United Kingdom edged up hitting 54.0 in contrast with April’s reading of 52.8. Market experts predicted that the value of this index would account for about 52.9. By the way the reading of this index above 50 stands for surge.

Evidently, the improvement in the situation in the services sector happens to be another proof that the British economy is already reviving in the second quarter. Nevertheless, representatives of the companies stressed that uncertainty regarding Brexit still appears to be a major factor, constraining the decisions of customers.

As follows from the report, employment in the services sector of Great Britain displayed the second-lowest surge rate since March the previous year.

The British pound tacked on versus the common currency. The currency pair EUR/GBP went down by 0.42% being worth 0.8747 versus the reading of 0.8781 before the report was uncovered.

Uncovered on Tuesday, data disclosed that business activity in the euro zone speeded down in May. As a matter of fact, the final value of composite PMI index went down to a low of 18 months - 54.1 after the reading of 55.1, recorded in April.


Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

USD and GBP Traders Await Big Moves
USD and GBP Traders Await Big Moves

The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.

Latest news

USD Gains Momentum
USD Gains Momentum

The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera