The pound held steady against its the U.S. dollar on Monday, still hovering close to 31- year lows after data showing that U.K. construction activity entered contraction territory last month added to fears over a slowdown in Britain after the Brexit vote.Trading volumes were expected to remain thin with U.S. markets closed for Independence Day. GBP/USD hit 1.3254 during European morning trade, the session low; the pair subsequently consolidated at 1.3262.Cable was likely to find support at 1.3195, the low of June 28 and resistance at 1.3350, Friday’s high.Research firm Markit and the Chartered Institute of Purchasing & Supply said their U.K. construction purchasing managers’ index fell to 46.0 in June from May’s reading of 51.2. Economists had expected the index to drop to 50.5 in June.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.3310 TGT 1.3330 1.3360 SL 1.3280
SELL GBP/USD BELOW 1.3205 TGT 1.3185 1.3155 SL 1.3235
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