Trading Tips:The pound was trading close to eight month lows against the stronger dollar on Tuesday shrugging off data showing that activity in the U.K. construction sector rebounded in December. GBP/USD was last at 1.4687, off 0.19% for the day and not far from the eight-month low of 1.4662 set on Monday.Sterling remained weaker despite data showing that construction sector activity in the U.K. rebounded last month after slumping to a seven month low in November.The Markit construction purchasing managers’ index rose to 57.8 from November’s 55.3 and ahead of forecasts for a reading of 56.0.“The latest survey indicated a strong degree of optimism about the outlook for 2016, with firms mainly citing a strong pipeline of commercial development projects and new housing starts,” Tim Moore, senior economist at Markit said.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.4700 TARGET 1.4720 1.4750 SL 1.4670
SELL GBP/USD BELOW 1.4670 TARGET 1.4650 1.4620 SL 1.4700
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