U.K Construction PMI Rises 55.9 in May, Sell GBPUSD on Recovery !

forex 1 26469
forex 1 26469

The Chartered Institute of Purchasing and Supply (CIPS) Construction Purchasing Manager’s Index (PMI) measures the activity level of purchasing managers in the construction industry. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

The U.K Construction PMI rose to 55.9 , from 54.2 in the previous month, analysts had expected  Construction PMI to rise to 55.0 in the last month.

This development should advance the pair, but…the pair is very bearish on the daily time frame , so any recovery will be limited by resistance levels , short term resistance 1.5235……..

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