Construction activity in the United Kingdom slipped into contraction as activity fell to 48.6. Data from IHS/Markit saw construction activity falling to the lowest level since March 2018. Companies indicated a renewed decline in business activity with new orders falling due to subdued demand. The pound sterling was unmoved by the report.
GBPUSD is Likely to Form a Bottom
The GBPUSD currency pair continues to trade within the range of 1.2716–1.2606. Price action suggests that there could be potential for an upside breakout on a close above 1.2716. This will potentially open the way for the GBPUSD to test the 1.2895 level at the next resistance. The GBPUSD has been steadily posting gains for the past three consecutive sessions giving further weight to the upside bias.
