Elliot_Myers

GBP/USD Construction PMI Forecast

FX:GBPUSD   British Pound / U.S. Dollar
UK Construction is not the nations strongest sector and a poor or below expected read is the most likely outcome, 4 of the last 5 reads have been below average.

The likely outcome will be price continuing to head down and challenging a break of the historic consolidation zone around the 38.2% fib level.

A good read will confirm trader sentiment last Friday which was towards price moving up away from 38.2% zone with scope to push 50% off the back of a news catalyst like the PMI read tomorrow.

Both the up and downside are on the cards so trade post result as not to gamble.
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