GBP/USD advanced toward 1.2800 and reached its highest level since June 13 on Wednesday.
GBP/USD fluctuates in a tight range at around 1.2750. British voters head to polls for general election. The pair could struggle to find direction with US markets remaining closed on Independence Day. With the market action turning subdued on Thursday, the pair entered a consolidation phase at around 1.2750. The renewed selling pressure surrounding the US Dollar fuelled a leg higher in GBP/USD as markets reacted to dismal macroeconomic data releases.
8 in May andpointing to a contraction in the service sector's business activity. Details of the survey showed that the Employment Index and the Prices Paid Index dropped to 46.1 and 56.3, respectively. The US economic calendar will not feature any macroeconomic data releases on Thursday, stock and bond markets will remain closed in observance of the Independence Day holiday. Meanwhile, British voters will cast ballots in a snap general election called by Prime Minister Rishi Sunak.
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