The construction sector in the UK continues to grow, and at a slightly higher pace than last month. Manufacturing PMI scored 54 points, a bit better than 53.7 that was expected and above 53.3 seen last month. GBP/USD bounces off support and rises cautiously within range. GBP/USD is currently at 1.6340, up from 1.6320 before the publication. There were fears that construction would further slow down. Yesterday, the manufacturing sector disappointed once again. The sector that once led the British recovery continued to slow down and fell to 52/1 points, below expectations. This sent the pound below support at 1.6430 and continued south since then. GBP/USD traded at around 1.6320 before the release, holding above the 1.6280 to 1.63 region it settled above earlier. Further support is at 1.6110. Resistance is at 1.6430 followed by 1.6530. For more on the pound, see the GBP USD forecast. The chances of a rate hike during the summer are becoming quite slim. Perhaps this long awaited move to curb inflation will wait until November. We still have the biggest and most important sector awaiting us: the services sector. If it will be like manufacturing, there will be quite a lot of pain for the pound. If it will be like the construction sector, sterling will hold up. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD June 2 – Breaks Resistance On Fresh Hopes for Yohay Elam 12 years The construction sector in the UK continues to grow, and at a slightly higher pace than last month. Manufacturing PMI scored 54 points, a bit better than 53.7 that was expected and above 53.3 seen last month. GBP/USD bounces off support and rises cautiously within range. GBP/USD is currently at 1.6340, up from 1.6320 before the publication. There were fears that construction would further slow down. Yesterday, the manufacturing sector disappointed once again. The sector that once led the British recovery continued to slow down and fell to 52/1 points, below expectations. This sent the pound below support at 1.6430… 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.
