The services activity in the United Kingdom contracted fell below the 50-level of the index. The declines in the services sector mark a second consecutive month.
Markit’s services PMI for the UK came in at 49.5 in September compared to 50.6 in August. The data underlined the recession risks in the UK.
On the Brexit front, the European Union raised grave concerns on the latest Brexit plans.
GBPUSD Slides Back into Familiar Range
The currency pair managed to maintain the rebound and slid back to the previously established range of 1.2370 – 1.2291. Unless price breaks past this level convincingly, we expect the GBPUSD to trade sideways. There is, of course, the risk of a downside, which will be confirmed on a close below 1.2291.
