Pound retreats after its post- PMI push higher

Author: Mike Paterson | Category: News

It was a short lived rally for the pound 2 June

Better than expected UK construction PMI data may have excited the robots but the reality is the sector has little impact on UK GDP as I highlighted in my data assessment.

I also highlighted decent offer/res between 1.2880-85 and, hey ho, we capped at 1.2880 again and are now testing support around 1.2850.

My work here is done. Can I have the rest of the day off please ?

EURGBP has been up to 0.8735 but also running into some GBP demand and now 0.8726