GBPUSD WEAKENS AFTER ANOTHER DATA MISS
The British pound has fallen to a fresh weekly trading low against the US dollar after the UK Construction PMI came in much weaker than expected. The GBPUSD pair had been under selling pressure for much of the European trading session after falling below 1.2850 support level. Traders now look to Bank of England Governor Mark Carney’s speech at the UK Inflation Hearing.
The GBPUSD pair remains bearish while trading below the 1.2863 level, key support is now found at the 1.2800 and 1.2775 levels.
If the GBPUSD pair moves above the 1.2863 level, we may see a price correction back towards the 1.2900 resistance levels.