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The GBP/USD pair declined sharply after the latest data by Markit showed the impact of the latest Omicron variant.
The same trend happened in the services sector. The services PMI declined from 53.1 to 51.2, which was the lowest level since 52.2. As a result, the composite PMI declined to 53.4. Still, there is a likelihood that the pair will start improving. For one, the UK has moved away from Plan B measures to contain the Omicron variant. In the US, Anthony Fauci has said that the Omicron variant may have peaked in the US.
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