3 Feb 2015
Stay long GBP/USD – Growth Aces
FXStreet (Barcelona) - The Growth Aces Team reviews UK’s construction PMI release, and further shares the trade setup for cable.
Key Quotes
“Britain’s construction PMI rose to 59.1 from December's 17-month low of 57.6.”
“GDP data last week showed construction output, which accounts for just over 6% of Britain's economy, shrank at the end of last year at the fastest pace since 2012, but today’s PMI pointed to better months ahead. Growth strengthened across housing, commercial and civil engineering as new orders rose in January at the fastest rate in three months.”
“The GBP/USD trimmed earlier losses after the Britain’s construction PMI release.”
“We keep our GBP/USD long taken at 1.5040.”
“We expect good PMI services reading tomorrow – our forecast of 56.5 is slightly above the market consensus of 56.3 and much above the reading from the previous month of 55.8.”
“GBP/USD trading strategy: long at 1.5040, target 1.5250, stop-loss 1.4950”
Key Quotes
“Britain’s construction PMI rose to 59.1 from December's 17-month low of 57.6.”
“GDP data last week showed construction output, which accounts for just over 6% of Britain's economy, shrank at the end of last year at the fastest pace since 2012, but today’s PMI pointed to better months ahead. Growth strengthened across housing, commercial and civil engineering as new orders rose in January at the fastest rate in three months.”
“The GBP/USD trimmed earlier losses after the Britain’s construction PMI release.”
“We keep our GBP/USD long taken at 1.5040.”
“We expect good PMI services reading tomorrow – our forecast of 56.5 is slightly above the market consensus of 56.3 and much above the reading from the previous month of 55.8.”
“GBP/USD trading strategy: long at 1.5040, target 1.5250, stop-loss 1.4950”