GBP/USD shows lazy reactions to Construction PMI

By FXstreet.com | August 04, 2014 AAA

FXStreet (Moscow) - GBP/USD stuck around 1.6825 area waiting for Construction PMI release, and moved to 1.6831 right after data.



Construction PMI is out



Construction sector is usually skipped by the market as it is second-tier data reflecting only small part of the British economy. However, with the growing fears of slowing UK recovery pace every reports is scrutinized by the market. The released data showed index at 62.4 vs 62.0 expected. It moved the pair just above 1.6830 right after the release. Not a big deal, but sometimes the market is slow in its reactions as it was last week with Mortgage approvals data. The next target to the upside may become 1.6873 resistance.



What are today’s key GBP/USD levels?



Today's central pivot point can be found at 1.6843, with support below at 1.6792, 1.6762 and 1.6711 with resistance above at 1.6873, 1.6924, and 1.6954. Hourly Moving Averages are largely bearish, with the 200SMA bearish at 1.6957, and the daily 20EMA bearish at 1.6997. Hourly RSI is bearish at 40.



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