The pound rose against the U.S. dollar on Tuesday, despite the release of downbeat U.K. construction activity data, as lower expectations for a U.S. rate hike this year and downbeat U.S. data continued to weigh broadly on the greenback. GBP/USD hit 1.3238 during European morning trade, the session high; the pair subsequently consolidated at 1.3218, gaining 0.33%. Cable was likely to find support at 1.3070, the low of July 27 and resistance at 1.3305, the high of July 29.Research firm Markit and the Chartered Institute of Purchasing & Supply (CIPS) said their U.K. construction purchasing managers’ index fell to 45.9 in July from the previous month’s reading of 46.0.Economists had expected the index to drop to 43.8 in last month.The data came a day after Markit said its U.K. manufacturing PMI fell to 48.2 last month from a reading of 52.1 in June.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3260 TGT 1.3280 1.3310 SL 1.3230
SELL GBP/USD BELOW 1.3160 TGT 1.3130 1.3100 SL 1.3190
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