GBPUSD At 9 Days Low After Worst Construction PMI
United Kingdom Markit Construction PMI came in at 43.1 worst than analyst’s expectations of 49.2 for June, a decline that we haven’t seen since April 2009. GBPUSD was trading flat most of the day above but after the news moved sharply lower at 1.2610 a nine days low. The Brexit story started to weight in UK macro figures as local and international investors are turning cautious.
On technical side the bearish momentum continues to build today as the pair trading below all the major hourly moving averages. Support for the pair stands 1.26 round figure and then at 1.2542 the low from June 19th. On the upside immediate resistance stands at 1.2664 the 50 hour moving average and if the pair manages to close above it might continue with an attempt to 1.2734 the Friday high.Don’t miss a beat! Follow us on Twitter.