Post UK Construction PMI GBPUSD outlook


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.

Post UK Construction PMI GBPUSD outlook

ADS Securities Risk Disclaimer

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Share Your Opinion, Write a Comment