The GBP/USD pair remained in a tight range amid a light economic calendar and news week.
Timeline: 1-2 days.pair remained in a tight range amid a light economic calendar and news week. The pair was trading at 1.2438, a few percentage points below last week’s high of 1.2547. With the economic calendar being light on Tuesday, the pair will likely remain in this consolidation in the near term.The GBP/USD pair moved sideways after the latest US and UK services and composite PMI numbers. According to S&P Global, the services PMI came in at 55.2 in May, lower than April’s 55.
Data published last week showed that the manufacturing PMI figure remained below 50. And the situation could worsen as automakers warn about the lack of regulations clarity in the UK. Some analysts believe that the remaining automakers will likely start moving out of the country. There will be no major economic data on Monday. Therefore, traders will continue assessing the likely outcome of this month’s meeting by the
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