Search ForexCrunch

The UK construction PMI for May hit 56 points, better than expected. Other signs haven’t been that positive for the housing sector. There are some indications about a slump in prices in some regions.

GBP/USD seems to ignore the numbers. Polls matter a lot more.

Markit’s  purchasing managers’ index for the construction sector was expected to show a small slide  to 52.7 in May after 53.1 back in April. This is the second PMI after yesterday’s manufacturing one that came out at 56.7, within expectations.

GBP/USD was trading around 1.2860 ahead of the publication. Resistance awaits at 1.29, followed by 1.2980 and 1.3050. Support is at 1.2775.

The most important PMI is on Monday, for the services sector. However, the focus of markets is around the UK elections. Every poll counts.

More:  GBP: Into & Beyond The June-8 Elections – Credit Agricole