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Forex Market: GBP/USD daily forecast

During Friday’s trading session GBP/USD traded within the range of 1.6810-1.6892 and closed at 1.6818.

At 7:26 GMT today GBP/USD was adding 0.06% for the day to trade at 1.6827. The pair touched a daily high at 1.6834 at 5:45 GMT.

Fundamental view

Activity in United Kingdom’s sector of construction probably slowed down in July, with the corresponding PMI coming in at 62.0, down from 62.6 in June, that was the strongest since January. The index is based on a survey, encompassing managers of companies, operating in construction sector. They are asked about their estimate regarding current business conditions (new orders, output, employment, demand in the future). Values above the key level of 50.0 signify that activity in the sector has expanded. Higher than projected readings would certainly heighten the appeal of the pound. The Chartered Institute of Purchasing and Supply (CIPS) is to announce the official reading at 8:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.6840. In case GBP/USD manages to breach the first resistance level at 1.6870, it will probably continue up to test 1.6922. In case the second key resistance is broken, the pair will probably attempt to advance to 1.6952.

If GBP/USD manages to breach the first key support at 1.6788, it will probably continue to slide and test 1.6758. With this second key support broken, the movement to the downside will probably continue to 1.6706.

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