Sterling dips on poor UK PMI data

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<p style=““ class=“text-align-justify“><a target=“_blank“ href=“https://www.forexlive.com/terms/e/eur-gbp/“ class=“terms__main-term“ id=“e5b85617-1e4e-420a-84bf-96f67c9b9100″ target=“_blank“>EUR/GBP</a> saw a spike up from 0.8780 to 0.8800 as buyers stay in the hunt of a fourth straight day of gains, since bouncing off its 100-day moving average at around 0.8720 last week. The pound is falling after the poor UK PMI data, which showed that services sector activity slumped to a two-year low in January.</p><p style=““ class=“text-align-justify“>After the collapse in retail sales, this further highlights that the cost-of-living crisis is worsening in the UK and we are starting to see signs of it hitting the labour market as well. That might point towards a more painful downturn if the conditions keep up in the months ahead.</p><p style=““ class=“text-align-justify“>As for the pound, it’s hard to be optimistic. Even against the dollar, it looks like cable has failed to contest a break above its December highs of 1.2443-46 for now:</p>

This article was written by Justin Low at www.forexlive.com.

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