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Pound climbs after construction data
The pound is trading at $1.7166, up 0.1%, after the UK construction figures for June showed an increase in activity on the month, and came in above expectations.
GBP/USD reached a new five-year high for the second day in a row following the announcement, and today’s construction figures highlight Mark Carney’s concern about the UK property market.
The pound’s acceleration versus the US dollar has been particularly fast in the last week. However, a strong jobs report from the US tomorrow could reverse some of the gains made in recent trading sessions.
GBP/USD is receiving support at the 50-hour moving average of $1.7120 and if it drops below that, the next level to watch is the 200-hour MA of $1.7040.