Back
5 Jan 2015
GBP/USD slips on downbeat UK Construction PMI
FXStreet (Mumbai) - Cable edged lower after UK construction activity rose at slowest pace since July 2013, continuing its downward trajectory, after temporary reversal seen above 1.53 handle during the early European morning.
The GBP/USD pair recovered to trade now at 1.5305 levels, down -0.15% on the day, after sliding to 1.5295 levels immediately after the data release. The sterling lost ground against the US dollar after the Markit/CIPS headline Construction sector PMI fell to 57.6, down from last month's 59.4 and below the forecasts of 59.0. According to the official hard data, output in the UK construction sector was revised up sharply in the third quarter of 2014, from 0.8% up to 1.6%, but slowed down again at the start of the fourth quarter when monthly growth declined sharply by 2.2% in October and rose on a yearly basis at the slowest pace since May 2013.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5319 (Today’s High) above which gains could be extended to 1.5409 (5-DMA) levels. On the flip side, support is seen at 1.5274 (Today’s Low) levels, below which it could extend losses to 1.52 levels.
The GBP/USD pair recovered to trade now at 1.5305 levels, down -0.15% on the day, after sliding to 1.5295 levels immediately after the data release. The sterling lost ground against the US dollar after the Markit/CIPS headline Construction sector PMI fell to 57.6, down from last month's 59.4 and below the forecasts of 59.0. According to the official hard data, output in the UK construction sector was revised up sharply in the third quarter of 2014, from 0.8% up to 1.6%, but slowed down again at the start of the fourth quarter when monthly growth declined sharply by 2.2% in October and rose on a yearly basis at the slowest pace since May 2013.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5319 (Today’s High) above which gains could be extended to 1.5409 (5-DMA) levels. On the flip side, support is seen at 1.5274 (Today’s Low) levels, below which it could extend losses to 1.52 levels.