Britain’s Services Sector Shows Strong Growth, Pound Halts Slump

The Great Britain pound was stable today following yesterday’s steep sell-off. The currency got some support from the solid performance of Britain’s services sector.

The seasonally adjusted IHS Markit/CIPS Services PMI advanced from 53.6 in September to 55.6 in October. That is instead of a drop to 53.3 predicted by analysts. The favorable report helped the sterling to stop the slump that followed the policy announcement made by the Bank of England yesterday.

GBP/USD traded at 1.3068 as of 11:05 GMT today after opening at 1.3055. EUR/GBP ticked down from 0.8925 to 0.8911.

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