The construction PMI data released by Markit on Tuesday showed a contraction. But the pace of contraction was relatively slower. The construction PMI rose to 45.3 in November from 44.2 in October. This was the slowest decline since July this year. The construction PMI data comes on the heels of weak reading from the manufacturing sector.
GBP/USD Settles Above Resistance
The cable has managed to break past the upper resistance level of 1.2960. But the current gains do not look strong enough. This gives a risk of a possible downside move. However, if support is formed at 1.2960, then GBPUSD could be looking towards the 1.3000 psychological level as the next target.
