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UK Construction PMI falls to 55.3 – GBP/USD follows

A second day and a second disappointment from the UK  purchasing managers’ indices.  The construction sector, which was the strongest link, shows signs of  weakness with a big drop: from 58.8 to 55.3 points, much worse than expected.  Housing activity fell to 55.2 points.

GBP/USD falls to 1.5035.The low so far has been 1.5032. Support awaits at the round level of 1.50.

UK construction PMI was expected to slide from 58.8 to 58.2 points in November.

GBP/USD traded around 1.5064 before the release, leaning to the downside.

This is the  second PMI out of three. Yesterday’s construction PMI dropped to 52.7 points, also worse than predicted. Tomorrow we’ll get the most important number: services PMI. It is the largest sector in the UK, by far.

See how to trade the UK services PMI with GBPUSD.

Here is the chart:

GBPUSD falling December 2 2015

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.