Pound Higher Ahead of May Speech

The British Pound moved away from a 3-week trough as FX traders await the Prime Minister's speech which could help revive sentiment for the beleaguered currency. It is expected that Theresa May will do her best to push an optimistic outlook for the upcoming Brexit, including assurances that everything that is needed for the British economy to succeed after the Brexit is already in their toolbox. The Prime Minister's speech will be taking place within the next few hours and that is likely to keep FX traders watching closely.

As reported at 11:25 am (BST) in London, the GBP/USD was trading at $1.2991, a gain of 0.10%; the pair has ranged from a trough of $1.2972 to a peak of $1.3017 in today's session. The EUR/GBP is trading at 0.88978 Pence, up 0.02%, off the session peak of 0.89178 Pence.

PMI News Shrugged Off

Earlier today, and despite news of an unexpected fall in the Markit Services PMI report for September, the Pound was able to maintain some positive momentum. Markit reported that the PMI reading for the UK Services Sector came in at 53.9, slightly below the 54.0 that had been predicted from a recent poll of economists.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.