During European trading, the British Pound increased against the US Dollar, trading above 1.2400 levels.
The currency pair has been trending higher since this morning following new and better-than-expected economic data out of the UK. In the UK, Manufacturing PMI for January came out better than expected (48.2 realised vs 46.9 expected) and Services PMI (51.2 realised vs 50.8 expected). In the US, Manufacturing PMI (49.8 expected) and Services PMI (56.4 exp) will be posted (14:45 GMT).