Data released Wednesday indicated a deterioration in the performance of the British services sector in February, according to the PMI reading.

The services PMI for the United Kingdom recorded a drop to 49.5 points, compared to the previous reading, which recorded 49.7 points, which was lower than market expectations that indicated the number recorded in last January’s reading.

It is natural that this reading casts a negative shadow on the sterling’s performance, as it highlights a decline in the performance of the service sector, which accounts for most of the UK’s GDP.

Despite this, the pound remains on the upside at all unaffected by this negative reading, possibly because it is affected by broader positive factors such as progress in distributing anti-virus vaccines.