“¢ UK construction PMI unexpectedly jumps to 55.8 in July. “¢ Market reaction turns out to be rather muted ahead of BoE. The EUR/GBP cross surrendered early modest gains to the 0.8900 neighborhood but has managed to reverse a downtick to fresh weekly lows post-UK PMI. The cross extended this week’s retracement slide from over one-week tops and had a rather muted reaction to the final Markit UK Construction PMI, which unexpectedly jumped to 55.8 in July, albeit did little to attract any buying around the British Pound. Meanwhile, a heavily offered tone surrounding the EUR/USD major also seemed extending some additional support, which coupled with investors’ reluctance to place aggressive bets, ahead of the highly anticipated BoE, should further contribute towards limiting any deeper losses, at least for the time being. The UK central bank is widely expected to raise its key lending rate by 25 basis points to 0.75% and will also release its Quarterly Inflation Report (QIR) with the updated projection for inflation and economic growth over the next 2 years. This coupled with the BoE Governor Mark Carney’s comments, at the post-meeting press conference, should infuse a fresh bout of volatility around the GBP crosses and help determine the pair’s next leg of directional move. Technical levels to watch Immediate support is pegged near the 0.8865-60 region, below which the cross is likely to slide further towards 0.8820 intermediate support en-route the 0.8800 handle. On the upside, momentum back above the 0.8900 handle might continue to confront fresh supply near 0.8935 level and is followed by multi-month highs resistance near the 0.8955-60 region. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY remains underpinned by 129.05 – Commerzbank FX Street 5 years "¢ UK construction PMI unexpectedly jumps to 55.8 in July. "¢ Market reaction turns out to be rather muted ahead of BoE. The EUR/GBP cross surrendered early modest gains to the 0.8900 neighborhood but has managed to reverse a downtick to fresh weekly lows post-UK PMI. The cross extended this week's retracement slide from over one-week tops and had a rather muted reaction to the final Markit UK Construction PMI, which unexpectedly jumped to 55.8 in July, albeit did little to attract any buying around the British Pound. Meanwhile, a heavily offered tone surrounding the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.