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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD advanced to fresh daily highs during the European session underpinned by solid UK construction PMI.

GBP/USD prints fresh daily highs

UK construction PMI rose to 62.6 in November, much stronger than the 59.0 expected and recording the highest reading since August 2007. The GBP/USD regained the 1.6400 mark and climbed to a high of 1.6417 before easing slightly. At time of writing, GBP/USD is trading at the 1.6405 zone, 0.3% above its opening price.

GBP/USD technical outlook

"The pair has entered a larger consolidation pattern after the recent peak at 1.6441 and my outlook here is bearish, for a slide through 1.6342, en route to 1.6240 break-out zone", says Stoyan Mihaylov, analyst at "Initial intraday resistance is projected at 1.6390, followed by the crucial peak at 1.6441".
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