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GBP/USD lost hope to get above 1.60 post UK data

FXStreet (Moscow) - GBP/USD returned to 1.60 before the UK data release, but had to slid to 1.5975 post data.

Although the recent Manufacturing PMI failed to help the pair settle above 1.60, the pound had hope the Construction report may bring positive surprises, and send it higher again. However, the Index came out at 61.4 vs 63.5 expected, confirming the sector reached its peak levels of activity, and may be slowing growth in the coming months. The pair moved to 1.5975 on the news, and may continue mild drifting lower with the next target at 1.5925, if broken. However, the chances are not too high, as the report is of second-tier nature, and given yearly highs the index reached last month, it was a logical retreat.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5975, with support below at 1.5925, followed by 1.5876 and 1.5826 with resistance above at 1.6024, followed by 1.6074 and 1.6123. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6048, and the daily 20EMA bearish at 1.6079. Hourly RSI is bullish at 58.

United Kingdom PMI Construction came in at 61.4 below forecasts (63.5) in October

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UK: PMI Construction slides to 61.4 in October

UK PMI Construction fell to 61.4 in October, from 64.2 points in September, according to data released today by Markit. This result is below market consensus of a decline to 63.5 points.
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