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Cable Falls Below 1.5000 After UK Construction PMI News - Capital Street FX
Cable Falls Below 1.5000 After UK Construction PMI News
The GBP/USD pair trades lower this Wednesday, with the pair plunging to a fresh daily low below the 1.5000 handle after the release of the UK Construction PMI, down to 55.3 in November against previous 58.8 and expectations of 58.2. The negative surprise adds to recent concerns over the slowing pace of economic growth in the UK, which will ultimate result in a delay in a rate hike.
Later today, the US will release the ADP private survey, and some minor employment figures for November, which will be quite relevant ahead of the Nonfarm Payroll report to be released this Friday.
Technically, the bearish potential is increasing, as in the 4 hours chart, the pair has accelerated below a bearish 20 SMA, whilst the technical indicators have turned south around their mid-lines. Should the price extend below 1.5000, the decline can extend down to 1.4960, while below this last, the next bearish target stands at 1.4920.
Only above 1.5090 the pair may recover its shine, with the price then able to rally up to the 1.5130/40 price zone.
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