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UK Construction PMI Returns to Growth – GBP/USD Higher

The purchasing managers’ index for Britain’s construction sector rose to 50.8 points, in growth territory. It was expected to rise very marginally from 49.4 to 49.7 points, just under the critical line of 50 that separates contraction and growth. This is the highest figure since October 2012.

GBP/USD traded just under 1.53 before the release, lower than the highs it reached after the US dollar sell off. It is now about 20 pips higher to 1.5315.

Yesterday, Markit reported the manufacturing sector’s PMI, and it came out above expectations. This helped the pound.

One more PMI is left: for the services sector, the UK’s largest.

Important support appears at 1.52. For more lines, events and analysis, see the British pound forecast.

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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.