ADS Securities presents their Post UK Construction PMI GBPUSD outlook. How does the pair trade after the crucial data release?
2 June, ADS Securities – The Pound traded lower against the US Dollar in the prior session, as the data released by Nationwide showed a slump in the UK house prices for the third straight month in May. However, early losses were trimmed after Britain’s manufacturing sector recorded a less than expected fall.
Post UK Construction PMI GBPUSD outlook
On the 1H chart, the pair is trading with a downside bias, reflecting at a bearish technical scenario. Moreover, a possible negative centreline crossover by the MACD further endorses the above stance. Key near-term support is located at the 1.2855 level, followed by the 1.2825 and 1.2795 levels.
A breach below the latter might trigger further negative momentum in the pair. Conversely, key intraday resistance is positioned at the 1.2900 level, followed by the 1.2925 and 1.2960 levels. A surge above the latter might trigger upside momentum in the pair.
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