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GBPUSD higher after weak U.K. construction data, 12.04.2012

ForexZig.com December 4, 2012

The pound was traded higher against the U.S. dollar today, ignoring the negative U.K. construction data. Mood on the market became optimistic after signs of progress in dealing with the debt crisis in the euro zone.

The currency pair GBPUSD was trading at the level of 1.6127 during European morning session, which is the highest level for this pair since November 2. Later on, GBPUSD found consolidation at 1.6120, going up with 0.19%.

GBPUSD was supposed to find support at 1.6085, which is bottom for this session, and resistance at 1.6174, a highest level from November 1.

GBPUSD

GBPUSD, H4

In Britain, official data showed that construction sector activity surprisingly made a decrease to a three month low in November.

Experts foresee that the index will fall to 50.5 from the last month.

The pound was traded a little higher against the euro, with EURGBP reaching the level 0.8105.

Earlier today, the British Retail Consortium released a report that showed that British retail sales went up with 0.4% in November.
Support: 1.5959, 1.5826, 1.6085;
Resistance: 1.6174, 1.6307;

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