Construction activity in the United Kingdom grew faster than expected. Data from IHS Markit showed that the UK’s construction activity rose to 52.6 from 48.4 in January.
This marks a return to the expansion levels. Most of the UK’s business activity has been picking up following Brexit on January 31st.
GBP/USD Drifts Below Support Level
GBP/USD is trading rather flat with price action somewhat subdued. We anticipate a short term rebound to the support level of 1.2858. A retest of this level will confirm this as resistance. However, in the event of a breakout, price action could resume the upside bias.
