A second day and a second disappointment from the UK purchasing managers’ indices. The construction sector, which was the strongest link, shows signs of weakness with a big drop: from 58.8 to 55.3 points, much worse than expected. Housing activity fell to 55.2 points.
GBP/USD falls to 1.5035.The low so far has been 1.5032. Support awaits at the round level of 1.50.
UK construction PMI was expected to slide from 58.8 to 58.2 points in November.
GBP/USD traded around 1.5064 before the release, leaning to the downside.
This is the second PMI out of three. Yesterday’s construction PMI dropped to 52.7 points, also worse than predicted. Tomorrow we’ll get the most important number: services PMI. It is the largest sector in the UK, by far.
See how to trade the UK services PMI with GBPUSD.
Here is the chart:
