GBP/USD Trading Lower, PMI Surveys Fall.

GBP/USD is trading at 1.3162, down 0.0071. The pair is trading choppy and a little above the lows of the day. Market chatter about U.K economic data and headline news is making the rounds. The U.K. July manufacturing purchasing managers survey (PMI) fell to 49.1 from 52.1 in June, the services PMI fell to 47.4 from 52.3 and the composite PMI dropped to 47.7 from 52.4.