"GBPUSD's trek higher since March has stalled below 1.5600 in the last week, and needs to break above that level in the near term to maintain bullish momentum.

The British Pound has advanced against the majority of its peers after data showed that the nation's dominant services sector recorded its strongest rate of growth in April since last year's Olympic Games.

The British Pound Sterling (Currency:GBP) is looking rather heavy this morning with a break below 1.18 against the pound looking distinctly possible.

NB: The above quotes are taken from the wholesale markets - your bank will add their own discretionary spread to the figures when passing on their retail rate.

"The current environment is poise for GBP, with better data prints, a quiet period before Mark Carney takes over as Governor of the BoE and broad based USD weakness.

The pound sterling / euro exchange rate is three quarters of one percent higher today - the rate is at 1.1816. The pound sterling / US dollar exchange rate is 1.11 pct higher at 1.5434. The pound sterling / Australian dollar rate is 0.71 pct up at ...

"The combination of previously stretched short-term valuations and economic data surprises hint that GBP's recent recovery has been driven by tactical position taking rather than long-term positions based on a perceived improvement in the UK's ...

The pound to US dollar exchange rate is meanwhile flat - traders are apparently unable to make up their minds as to what today's events in Europe mean for this pair.

On a day in which we see the UK Indepence Party making themselves heard we should remind ourselves why it would be a self-inflicted injury of significant proportions were the UK to split from the Eurozone. This chart from Berenberg Bank tells a telling ...

"Sterling continued its upward trend on Friday strengthening for a fifth day against both the euro and the US dollar following Thursday's news the UK had avoided a triple-dip recession and grown slightly beyond expectations. The main data released this ...