Forex - GBP/USD edges higher ahead of U.K. construction data

Published 11/02/2010, 04:02 AM
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EUR/GBP
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Investing.com – The pound was up against the U.S. dollar on Tuesday, advancing to a daily high ahead of the release of closely watched U.K. construction data.

GBP/USD hit 1.6075 during late Asian trade, the daily high; the pair subsequently consolidated at 1.6053, gaining 0.11%

Cable was likely to find support at 1.5876, last Friday’s low and resistance at 1.6106, the high of October 15.

On Monday, data showed that the U.K. manufacturing PMI unexpectedly rose to 54.9 in October, its highest level since July. The UK PMI data came less than a week after GDP data revealed the economy grew at twice the rate expected in the third quarter.

Growth in the construction industry played an important role in underpinning third quarter growth. If the construction data was weak markets could dismiss the third quarter GDP data as a one off.

Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.13% to hit 0.8675.

Later in the day, the U.K. was to publish official data on construction PMI.

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