Investing.com – The pound trimmed gains against the U.S. dollar on Monday, as a report showing that construction sector activity in the U.K. slowed in June reinforced expectation that the Bank of England is unlikely to raise rates in the near term.
GBP/USD pulled away from 1.6140, the pair’s highest since June 22 to hit 1.6076 during European early afternoon trade, still up 0.02% on the day.
Cable was likely to find support at 1.5969, the low of June 29 and resistance at 1.6198, the high of June 17.
The Markit/CIPS construction purchasing managers’ index slipped in line with expectations, dipping to 53.6 from 54.0 in May.
The data came after a report on Friday showing that manufacturing activity in the U.K. sank to a 21-month low in June underlined concerns that the country’s economic recovery is faltering.
A separate report from the BoE highlighted weakness in the housing market; showing that homeowners continued to pay back their mortgage debt at a quicker pace than they added to it.
The pound was also higher against the euro, with EUR/GBP slipping 0.16% to hit 0.9020.
Earlier Monday, ratings agency Standard and Poor’s said a proposed rollover of Greek sovereign debt may put the country into selective default.
GBP/USD pulled away from 1.6140, the pair’s highest since June 22 to hit 1.6076 during European early afternoon trade, still up 0.02% on the day.
Cable was likely to find support at 1.5969, the low of June 29 and resistance at 1.6198, the high of June 17.
The Markit/CIPS construction purchasing managers’ index slipped in line with expectations, dipping to 53.6 from 54.0 in May.
The data came after a report on Friday showing that manufacturing activity in the U.K. sank to a 21-month low in June underlined concerns that the country’s economic recovery is faltering.
A separate report from the BoE highlighted weakness in the housing market; showing that homeowners continued to pay back their mortgage debt at a quicker pace than they added to it.
The pound was also higher against the euro, with EUR/GBP slipping 0.16% to hit 0.9020.
Earlier Monday, ratings agency Standard and Poor’s said a proposed rollover of Greek sovereign debt may put the country into selective default.