Overall, GBP/USD is ranging across. Recently, GBP/USD broke the support level of 1.24400.
The U.K. Construction PMI data (Actual: 8.2, Forecast: 21.5, Previous: 39.3) released yesterday indicated that the construction sector in the UK further contracted in April with a single digit PMI reading of 8.2.
The Bank of England (BoE) will be announcing their interest rate decision later at 1400 (SGT).
It is expected that the BoE will be holding interest rate unchanged at 0.10%. It is also unlikely that the BoE will announce any further increase in their stimulus package after the massive £200 billion stimulus package introduced back in March.
UK banks will be closed in observance of May Day tomorrow. Expect lower trading volume and volatility from GBP during the London market session.
GBP/USD’s next support level is at 1.22400 and the next resistance level is at 1.24400.
Look for selling opportunities of GBP/USD.
The U.K. Construction PMI data (Actual: 8.2, Forecast: 21.5, Previous: 39.3) released yesterday indicated that the construction sector in the UK further contracted in April with a single digit PMI reading of 8.2.
The Bank of England (BoE) will be announcing their interest rate decision later at 1400 (SGT).
It is expected that the BoE will be holding interest rate unchanged at 0.10%. It is also unlikely that the BoE will announce any further increase in their stimulus package after the massive £200 billion stimulus package introduced back in March.
UK banks will be closed in observance of May Day tomorrow. Expect lower trading volume and volatility from GBP during the London market session.
GBP/USD’s next support level is at 1.22400 and the next resistance level is at 1.24400.
Look for selling opportunities of GBP/USD.