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Jul. 6, 2022

The Pound trades at 1.1956 after United Kingdom Construction PMI (Jun) falls short of expectations

Live - Updated 59 minutes ago.

The Pound is on a bit of a rollercoaster today: spiking to 1.1989 only to drop back to 1.1943, now rallying again to 1.1956.

  • United Kingdom's Construction PMI (Jun) new data released of 52.6 below its previous figure.
  • The Pound hasn't been as low as 1.1911 in 3 weeks and a half.
  • In contrast to today's gains, the British Pound has been on a 16 day bearish trend during which it lost 413 pips of its value.

Following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6. Data for United Kingdom Services PMI (Jun) released yesterday at 8:30 AM comes out at 54.3, beating projections of 53.4 and showing improvement over the preceding figure of 53.4.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Support/Resistance levels obtained from chart analysis indicate that the British Pound could be slowing down soon; it is getting close to the resistance line and is now at 1.1994, only 37 pips away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite this, the British Pound's lower Bollinger band is at 1.1961, indicating that further gains are expected.

Technical analysis suggests there could be an imminent reversal for Sterling-Dollar.

United Kingdom BoE MPC Member Cunliffe speech will be released today at 1:00 PM. United Kingdom BoE MPC Member Pill speech scheduled to come out tomorrow at 4:05 PM.

After 2 years, USD/SGD traded above the 1.4 levels. At 1.0226, the Euro went down to its lowest value in 5 years. US Dollar-Canadian Dollar made its largest single-day jump 1.64% (12 pips) since June 2020.

The Pound has lost 0.13% over the last a day.

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Week to date

The Pound is hovering around 1.1956 .

Trading week at a glance - GBP/USD is up to 1.1956, after closing yesterday at zero. Overall, a 0% move or 11,956 pips this week. (Start trading the Pound at FXTM today).

The British Pound upside coincides with further encouraging market factors as data for United Kingdom Services PMI (Jun) released yesterday at 8:30 AM comes out at 54.3, beating projections of 53.4 and showing improvement over the preceding figure of 53.4. United Kingdom Composite PMI (Jun) beats expectations of 53.1 with new data release of 53.7. This is also a step forward from the previous data of 53.1. United Kingdom GDP (YoY) (Q1) matches expectations with new data release of 8.7. This is also a step forward from the previous data of 6.6.

On the flip side, following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6. Manufacturing PMI (Jun) in United Kingdom fell short of the 53.4 projection with 52.8 and continued its downward trajectory from previous figure of 54.6.

Outlook for rest of the week: United Kingdom Manufacturing Production (MoM) (May) will be released Wednesday.

The market is looking forward to the release of new data: United Kingdom Industrial Production (MoM) (May) is projected to outperform its last figure with 0.2. It previously stood at -0.6, and data will be released Wednesday. United Kingdom BoE MPC Member Cunliffe speech set for today at 1:00 PM.