FxWirePro: Cable struggles to hold above the 1.56 handle, awaits UK construction PMI

 

• Greenback weakness across the board helping GBP/USD higher, pair is currently struggling to hold above the 1.56 handle
  
  
• Cable met headwind pre-1.5624 after extending north from 1.5570 (Asia low), has from there retraced some of the gains and is currently trading at 1.5598
  
  
• GBP/USD showed muted reaction to upbeat UK manufacturing PMI data which continued its expansion in July
  
  
• Markets awaits UK construction PMI, expectations are for a better reading which could offers some support to the GBP bulls
  
  

Resistance Levels:

R1: 1.5616 (Day's high Aug 4)

R2: 1.5624 (Hourly High Aug 3)

R3: 1.5669 (Daily Cloud Top)

Support Levels:

S1: 1.5567 (Daily Low Aug 3)

S2: 1.5550 (Daily Low Jul 31)

S3: 1.5528 (Daily Low Jul 28)