In June, the UK Construction PMI index rose to 53.1, beating the median forecast of 52.5 and the reading from May (52.5 points). The construction production is at a 7-month high and new orders grew at the fastest pace since May 2017.
The Construction Purchasing Manager's Index (PMI) measures the level of activity among purchasing managers in the construction sector of the economy. Any reading above 50 signals industry expansion; below 50 indicates a contraction. Construction figures are an important indicator of housing demand.
Let's now take a look at the GBP/USD technical picture at the H4 time frame. The pound enjoys the market sentiment that appeared at the start of trade in Europe. GBP/USD approaches 1.32 slowly, reversing yesterday's drop and in the last minutes, an upside-down reading of the PMI index for the construction sector has become an additional impulse. The nearest technical resistance is seen at the level of 1.3191 - 1.3217 zones and there should be a pretty good reaction from the bear camp. If the bulls will break higher, their next target is seen at the level of 1.3292.
