GBP/USD rebounds from 2-month maximum notwithstanding upbeat data

GBP/USD rebounds from 2-month maximum notwithstanding upbeat data

On Friday, the British pound rebounded from a two-month maximum versus the greenback notwithstanding the publication of positive British manufacturing activity data because market participants locked in profits from the pound’s recent soar due to signs of progress in Brexit talks.

The currency pair GBP/USD sank 0.27% being worth 1.3492, which is off a two-month maximum of 1.3550 reached overnight.

The earlier report unveiled that in November the British manufacturing sector managed to expand at a faster rate than anticipated.

The report emerged amid signs of progress in talks between the European Union and Great Britian, as EU diplomats told earlier that the UK has approached EU demands over Brexit.

Market sentiment on the US currency was still fragile after on Thursday the US Senate had a vote on the tax reform bill postponed until Friday as a major element of the bill still required talks.


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S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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