During Monday’s North American session, the British Pound (GBP) saw a notable rise, reaching close to 1.2670 against the US Dollar (USD). This movement followed the announcement of the flash UK S&P Global/CIPS Purchasing Managers’ Index (PMI) data. The report indicated a steady expansion in overall business activity, with the index hitting 50.5. Although there was an unexpected and sharper-than-anticipated decline in manufacturing activity, this was balanced out by strong growth in the services sector.
Switching to earlier in the day, the GBP/USD pair managed to break its recent three-day losing streak, trading around 1.2640 during the European morning. An analysis of the daily chart reveals that the pair still exhibits a bearish tendency, as it remains stuck within a descending channel pattern.
As the week kicked off, the GBP/USD showed a slight upward tick, hinting at an end to its recent slide toward the 1.2600 region—a two-week low reached last Friday. At present, spot prices hover between 1.2630 and 1.2635, marking a modest increase of 0.10% for the day. However, significant gains remain uncertain with major central bank events looming on the horizon.
