GBP/USD Update – 04/07/2017 (11:22am) – by Arjun Lakhanpal
July 4, 2017GBP/USD Update – 04/07/2017 (11:22am) – GBP lower following the release of worse-than expected UK construction PMI report, knocking-off the GBP/USD pair back towards 1.29 handle. A negative UK construction PMI report doesn’t come as a surprise, after yesterday’s dismal manufacturing PMI reading, as the construction PMI has widely shown the similar behaviour as the manufacturing and services PMIs. UK manufacturing PMI hits 3-month lows in June, a big miss on expectations. o the upside, the immediate resistance is the 1.2955 (daily tops) followed 1.2987 (5-DMA) and then 1.3030 (5-week tops). On the downside, support could be located at 1.2917 (Jun 29 low), 1.2900 (round number) and 1.2886 (10-DMA).
