Sterling Unable to Keep Gains

The Great Britain pound attempted to rally today as the manufacturing Purchasing Managers’ Index rose but the currency was unable to hold onto gains and retreated below the opening level as of now.
The Markit/CIPS UK Manufacturing PMI ticked up from 52.7 in December to 53.0 in January, a bit higher than analysts expected. The sterling climbed to 177.69 against the Japanese yen after the report but was unable to maintain the rally. The sterling was in a consolidation mode since the start of the year, trading in a channel.
GBP/USD dropped from 1.5093 to 1.5033 as of 17:08 GMT today. GBP/JPY edged lower from 176.59 to 176.31 following the earlier rally.

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