Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.65271)
The Markit/CIPS construction PMI was released in the United Kingdom earlier. It rose faster to 64 up from 62.4 reported in July. This is the biggest acceleration in eight months. Market expectations were for a print of 61.5.
Before the release, the Pound made up some ground but was rejected below the key technical level of 1.66. The Sterling then plummeted like a stone in water. Technically speaking, we are near a support level at 1.6530. Until we break below this level our view remains neutral. If it holds, we see near term resistance at 1.6610. This is just above the key 1.66 level. Until we break either way, we remain in a consolidative pattern.
