Construction PMI in the UK remained in contraction. Data from Markit for October saw construction activity falling to 44.2.
The data was slightly higher than the month before. The construction activity improvement comes following the manufacturing PMI which was slightly better than the previous month.
GBP/USD Likely to Remain Trading Flat
The currency pair briefly rallied to the resistance level of 1.2960 before retreating. The currency pair has started to decline, and the lower support at 1.2865 will most likely be tested.
The GBPUSD could remain trading within this range in the near term. However, the 4-hour Stochastics oscillator is in oversold levels which could see a modest rebound to the upside.
