GBP/USD: UK’s construction sector growth eased from a 5-month high in December


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.59% against the USD and closed at 1.3512, on the back of weaker-than-expected construction sector data in Britain.

The Markit construction PMI in the UK dropped more-than-expected to a level of 52.2 in December, easing for the first time since September 2017. The PMI had registered a reading of 53.1 in the prior month, while investors had envisaged for a fall to a level of 53.0.

In the Asian session, at GMT0400, the pair is trading at 1.3520, with the GBP trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3472, and a fall through could take it to the next support level of 1.3425. The pair is expected to find its first resistance at 1.3590, and a rise through could take it to the next resistance level of 1.3661.

Trading trend in the Pound today is expected to be determined by the release of UK’s Markit services PMI for December. Also, the nation’s net consumer credit and mortgage approvals data, both for November, would garner a lot of market attention.

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

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