GBP/USD tumbles, heading towards 1.2100 on UK PMI miss, US data beats

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• The GBP/USD flubbed a one-week high after UK PMIs missed expectations.
• The Greenback extended its gains after US PMI figures broadly beat forecasts.
• Next up for the US Dollar will be a speech from Fed head Powell tomorrow, Thursday GDP.

The GBP/USD is shedding pips on Tuesday, declining from a one-week high just shy of the 1.2300 handle after UK Purchasing Managers’ Index (PMI) figures printed red while US PMI data broadly beat the Street, climbing over market forecasts and chalking in accelerating economic activity in the US economy.