FxWirePro: GBP/USD trades weak after weak UK construction PMI data, good to sell on rallies
Cable has declined sharply and hits 3 week low yesterday after weaker than expected UK economic data. The pair has shown a huge sell off yesterday after forming a temporary top around 1.36574. The decline was mainly due …
Cable has declined sharply and hits 3 week low yesterday after weaker than expected UK economic data. The pair has shown a huge sell off yesterday after forming a temporary top around 1.36574. The decline was mainly due to weak manufacturing and construction PMI data from UK. It is currently trading around 1.32582.
UK Construction PMI came at 48.1 compared to forecast of 51.1.
On the lower side, nearby support is around 1.3250 and any break below will drag the pair down till 1.3200/1.3100.
The near term resistance is around 1.3435 and any break above will take the 1.3465/1.3500/1.3570 (Sep 25th 2017 high). The minor resistance is around 1.3300/1.3350.
It is good to sell on rallies around 1.3300 with SL around 1.3350 for the TP of 1.3200/1.3105.
