GBP/USD is trading at 1.5617, up 0.0053. The pair is trading firm just under the highs of the session during early U.S. forex trading on Wednesday. Trading is very choppy and the range is fairly wide.
The National Institute of Economic and Social Research reduced U.K. GDP estimates to 0.4 percent for the third quarter from its previous estimate of 0.8 percent in May. U.K. July Services PMI came out at 57.4 versus 58.5 in June. Industrial production data is due out Thursday at 4:30 a.m. ET along with the Bank of England's inflation report. The Bank of England will announce any changes to interest or its QE program Thursday at 7:00 a.m. ET.
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