Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.6164)
The UK Construction PMI edged higher printing at 64.2. This was above expectations or 63.5 and the highest level in nine months. The construction sector is following in the footsteps of the strong second quarter gross domestic product (quarterly). Before the release the GBP/USD was trading sideways around this key level before going above after the release. Since then, the market has retreated on Bank of England’s board member Kristin Forbes comments that the level of the Sterling was being masked by inflation.
Technically speaking, we see short term support lining up at 1.6090 and short term resistance near 1.6250. While below the technical level at 1.62 we could still push towards 1.6090 with a daily close there testing 1.5955 then 1.5950. Should the Sterling gain ground, we need a break above 1.6250 to challenge 1.6290.
