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GBP/USD drops to multi-week lows below 1.2600
GBP/USD came under renewed bearish pressure and touched its lowest level in nearly two months below 1.2600 on Monday. The broad-based US Dollar strength following the impressive labor market data weighs on the pair ahead of US ISM Services PMI report.
What are the markets watching this week?
The first full week of February will deliver a quieter tone compared to last week. Monday’s ISM Services PMI for January is the main macro driver in focus for the US, while the RBA’s rate decision takes to the front on Tuesday.