GBP/USD trades at 1.3155 currently
Price now closes back in on the day's low at 1.3150. This comes after buyers failed to hold a move above the 200-hour MA (blue line) and offers close to the 1.3200 handle helped to see sellers take back near-term control of the pair.
Although the PMI data was a beat on expectations, it doesn't change anything with regards to the economic situation in the UK as mentioned earlier. The details of the report are less encouraging with incoming new work falling for a second consecutive month, as Markit cites Brexit uncertainty leading to subdued activity growth.
Meanwhile, input cost inflation also fell to its lowest level sine May last year; so that's not suggestive of an economy that is running too hot on price pressures too.
That said, it's pretty much back as you were for cable while we wait on further Brexit developments. Expect today's trading direction to center more around how the dollar performs instead.
