GBP/USD: UK’s construction activity jumped to a 7-month high level in June


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.3192.

Macroeconomic data showed that UK’s construction PMI unexpectedly increased to a level of 53.1 in June, notching its highest level since November 2017 and compared to a reading of 52.5 in the prior month. Markets had expected the PMI to record a steady reading.

In the Asian session, at GMT0300, the pair is trading at 1.3206, with the GBP trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3146, and a fall through could take it to the next support level of 1.3086. The pair is expected to find its first resistance at 1.3241, and a rise through could take it to the next resistance level of 1.3276.

Looking ahead, investors would keep an eye on the UK’s Markit services PMI for June, set to release in a while.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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