BREAKING: GBP little changed after UK PMI beat

Flash UK PMI indices for November were released today at 9:30 am GMT. Market expected both indices to remain in contraction territory (below 50 points) and deteriorate compared to October's readings. Report turned out to be better than expected with both indices beating expectations slightly. 

UK PMIs for November

• Manufacturing: 46.2 vs 45.7 expected (46.2 previously)

• Services: 48.8 vs 48.1 expected (48.8 previously)

GBPUSD gained slightly in a knee-jerk move following the release but as the beat was not major and PMIs remained in contraction territory this gain was small. Moreover, the pair quickly turned lower after an initial uptick and is now pulling back from the 1.1900 area.

Source: xStation5