TenkoFX - Analytics

TenkoFX

407.25 6.75/10
63% of positive reviews
Real

GBP/USD hits fresh session lows near 1.3260 on awful UK PMI

The GBP/USD pair fails another attempt to reclaim 1.33 handle and reverts to session lows, following the release of awful UL construction PMI data.GBP/USD weighed down by weak PMI Currently, GBP/USD turns negative and hits fresh session lows of 1.3257, sharply reversing a jump to 1.33 handle over the last. The cable ran through fresh offers after the pound was dragged lower by worse-than expected UK construction sector activity, which fell into the contraction territory last month.The Markit/CIPS Construction PMI index fell to 46.0 in June, down from 51.2 seen in May, hitting the lowest since 2009. Markets had predicted a drop to 50.7 in June.Moreover, poor risk tone seen on the European stocks also added to the renewed weakness in the GBP/USD pair. Meanwhile, markets will continue to digest the UK PMI release amid low volumes and limited volatile as the US markets remain closed today in observance of Independence Day.GBP/USD Levels to consider The pair has an immediate resistance at 1.3313 (5-DMA), above which 1.3350 (psychological levels) would be tested. On the flip side, support is seen at 1.3247 (Daily low) below that at 1.3202 (Jun 30 low).



To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree