GBP Traders Feel Relieved After the UK Construction Report - Forex News by FX Leaders

GBP Traders Feel Relieved After the UK Construction Report

Posted Wednesday, February 1, 2017 by
Skerdian Meta • 1 min read

It´s been pretty quiet this morning with most major forex pairs being only a shadow of themselves, judging from what we have seen recently.

 GBP/USD lost about 100 pips yesterday during the London trading session, but it reversed just as quickly and it ended up about 200 pips higher at the end of the day. 

This morning has been pretty quiet though for this forex pair, as the rest of the forex market. I guess the market was waiting for the UK construction report to get out of the way before starting the next battle with GBP sellers.

The UK construction sector remains in good shape despite a 2 point blink

Well, looking at the UK construction chart, we can say that there´s nothing to worry about in this sector of the UK economy. GBP bulls left their worries quickly behind after the release and took GBP/USD for a 50 pips ride north. 

That´s not a good thing for our EUR/GBP signal. It was hanging on pretty well around 0.8580-90 level, which meant a dozen pips in profit for that forex trade.

But now we´re about 20-30 pips lower and the buyers are struggling, because GBP bulls are still pushing higher with great hopes that Brexit will fail I guess.

Meh, of course it will go through and there will be repercussions on the economy, but let them enjoy some fun times while they can. They will only offer us a better entry level for a long term sell forex signal in this forex pair. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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