GBP/USD fresh highs after solid UK construction data

By FXstreet.com | July 02, 2014 AAA

FXStreet (Córdoba) - The GBP/USD stretched to fresh 6-year highs after the UK construction PMI gave the pound a boost across the board.



The GBP/USD topped yesterday’s highs and climbed to its highest since October 2008 at 1.7176 after data showed construction sector expanded at a faster pace than expected in June, supporting solid growth in the UK. The construction PMI rose to 62.6 versus 59.5 expected.



The GBP/USD however, quickly pulled back to pre-data levels and it is currently trading at the 1.7165 zone, still up 0.11% on the day.



GBP/USD technical levels



As for technical levels, if the Cable breaks above 1.7176 (Jul 2 high) next resistances could be faced at 1.7196/1.7200 (Oct 21 2008 high/psychological level) and then 1.7300 (psychological level). On theflip side, supports are seen at 1.7139 (Jul 2 low), 1.7095 (Jul 1 low), 1.7030 (10-day SMA) and 1.7007 (Jun 30 low).



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