The Great Britain pound gained today after a report showed that UK service industries advanced last month, easing concerns about recession of Britain’s economy and making the sterling again viable haven from Europe’s crisis.

The Great Britain pound fell against the US dollar and pared its gains versus the Japanese yen after the UK Office for National Statistics reported that the nation’s GDP shrank in the last quarter, adding to signs than Britain is entering recession.

The Great Britain pound reversed its yesterday’s upward trend against the US dollar and the Japanese yen today and stayed flat versus the euro after tumbling on the last trading session as analysts expect a report later this week to show that the UK economy is slowing.

The Great Britain pound fluctuated against the US dollar and slumped versus the euro today on speculations that the UK central bank will boosts its asset purchase program. The bank left the program and its main interest rates unchanged today.

The Great Britain pound went down today after trade balance deficit widened retail price inflation slowed. The sterling also weakened on speculation that the Bank of England will add stimulus.

UK pound is heading higher against the euro right now, thanks to the news that Moody’s is planning to review many of the countries in the eurozone. The possibility of downgrades has been floated, and that is impacting the euro in its performance against the pound.

US dollar is down across the board on the latest move by the world’s major central banks to increase liquidity. In an effort to inject confidence in global markets, several central banks are coordinating efforts to make the US dollar cheaper.

The Great Britain pound closed higher against most of the major currencies, including the Japanese yen, the euro and the Swiss franc, though fell versus the US dollar, as the ongoing debt issues in the European Union made traders to consider the sterling something like a refuge from Europe’s problems.

The Great Britain pound weakened today as the inflation report showed that outlook of the nation’s central bank is pessimistic, while the unemployment rate rose more than was expected.

In a surprise move today, the ECB announced a rate cut of 25 basis points. The cut to 1.25 percent, the first move by new ECB president Mario Draghi, surprised nearly everyone. The move has given the UK pound some strength against the euro, and provided the pound with some strength against other currencies as well.