FXStreet (Mumbai) – GBP/USD recovered losses and trades almost unchanged in the European session, with the pound holding above 1.52 handle versus the US dollar as traders remain cautious ahead of UK construction PMI report due out shortly.
GBP/USD recovers from 1.5181 lows
The GBP/USD pair trades flat around 1.5200 levels, retreating from 1.5181 session lows. The cable wiped out losses and peaks into green as traders await UK construction PMI reading for fresh direction.
The UK Construction PMI report is expected to show an improvement in UK’s construction sector activity with the reading expected to have risen to 55.1 in May versus 54.2 recorded in April.
Moreover, renewed US dollar sell-off across the board also keeps the cable supported. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.28% lower at 97.25.
Later in the day, following the release of construction PMI from the UK, markets will focus on the factory orders and economic optimism data from the US for further momentum.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5229 (Today’s High) above which gains could be extended to 1.5292 levels. On the flip side, support is seen at 1.5181 (Today’s Low) below which it could extend losses to 1.5162 levels.
(Market News Provided by FXstreet)