GBP/USD surges above 1.24 as UK services PMI beats all expectations
GBP/USD jumped 0.5% to 1.2435 following the release of stronger-than-expected UK PMI data for January. The Services PMI printed at 54.3, significantly beating forecasts of 51.7 and the previous reading of 51.4. Manufacturing PMI also surprised to the upside at 51.6 versus 50.6 expected, while the Composite PMI reached 53.9, marking the strongest upturn in UK private sector activity since April 2024. The data suggests resilient economic growth despite recent geopolitical tensions and supports the Bank of England's cautious approach to rate cuts. Sterling found immediate support at 1.2380 and faces resistance at 1.2470. The positive momentum could extend toward 1.2500 if risk sentiment remains constructive, though traders await US PMI data later today for directional confirmation.
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