The GBP/USD pair has been falling for several trading sessions in a row as the Pound receives no support from the statistics.
On Wednesday, the British Pound continues sliding down against the USD. The current quote for the instrument is 1.2903.
The statistics published today showed that the Markit/CIPS UK Services PMI decreased up to 53.4 points in June after being 53.8 points the month before. The indicator was expected to reach 53.6 points, but failed to persist after all.
The funny fact is that the indicator is falling in the middle of the tourist season while the economic situation in the country is pretty good. Possibly, the activity is decreasing due to the inflation growth. Another deterrent may be expectations from the Brexit procedure: nothing is going to harm the economy during the theoretical negotiations, but no one knows what might happen after that.
Another factor that attracts attention is that the USD is regaining its oppositions on the currency market. On Monday, the American currency strengthened thanks to the PMI report, yesterday the market volatility was low because of the Independence Day celebrations in the USA, and today evening the minutes of the last Fed meeting are expected to be published. If investors find anything interesting and positive, the USD may rise and, as a result, put the Pound under the pressure.
RoboForex Analytical Department