POUND LOOKS PAST WEAKER CONSTRUCTION PMI
The British pound has recovered early losses against the U.S dollar, and is trading back at the weekly price open, after the GBPUSD pair fell towards to 1.2928, following weaker than expected UK PMI construction data.
Today's United Kingdom PMI construction figure for the month of August, came in at 51.1, which marked the weakest UK construction PMI reading in over twelve months.
The GBPUSD pair now awaits the return of the U.S markets tomorrow, from U.S Labour day, and crucial UK PMI Services data tomorrow, which is expected to show a decline from the previous months reading.
Key intraday technical resistance is found at the 50-day moving average, at 1.2980, and the monthly pivot point, at 1.2990. Above the 1.2990 level, the 1.3047 level offers strong intraday resistance.
Key intraday technical support is located at the current daily price low, at 1.2928, and the 100-day moving average, at 1.2920. Below 1.2920, the 1.2890 level offers strong support, as does the 1.2852 level.