GBPUSD off one week high amid tepid UK service sector cues
The British Pound is hovering around one-week high but witnessing some selling pressure amid tepid economic cues. The UK service sector contracted in April for the first time since October 2023, on renewed downturn in order books, final purchasing managers' survey data from S&P Global showed on Tuesday. The services Purchasing Managers' Index declined to 49.0 in April from 52.5 a month ago. UKs final composite output index also fell to 48.5 in April compared to 51.5 in March. This capped advances in GBP/USD pair yesterday and it currently quotes at 1.3354, down 0.20% on the day. On the NSE, GBP/INR futures are trading at 113.12, up 0.22% on the day after nearing 113.40 mark earlier in the day.
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