GBP review

Western Union:

Paying U.K. denominated invoices grew a little more affordable today as sterling weakened on disheartening news on a sector of Britain's economy that matters most. 

Britain's services sector grew at the slowest rate all year as the PMI edged down more than expected to 56.5 in May from 59.5 in April. The 3-point drop was the biggest monthly dip since August 2011 and far below forecasts of a 59.2 print. 

The critical survey was the latest to suggest that Britain's economy continued to lose steam in the second quarter, reinforcing views of how higher interest rates in Britain would come after the U.S. Fed moved to boost borrowing rates.