Pound recovers marginally against US dollar

British Pound has been supported after the release of the preliminary United Kingdom (UK) S&P Global/CIPS Purchasing Managers Index (PMI) data for October. The flash PMI report showed Composite PMI grew at a modest pace to 51.7 from 52.6 in September. GBP/USD currently quotes at 1.2981, up slightly on the day and recovering from two and half month low. Meanwhile, the US dollar index is trading slightly lower at 103.95, holding just under three month high.

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