Sterling Crushed by Double-Contraction GDP – EURGBP Spikes, Next Stop 0.8850–0.8900 
FxWirePro: GBP/USD dips on UK GDP data miss 
FxWirePro: USD/ZAR neutral in the near-term, scope for downward resumption 
FxWirePro: GBP/NZD ticks down after UK GDP data disappoints 
FxWirePro: NZD/USD consolidates around 0 .5810,room for further gains 
FxWirePro- Major Crypto levels and bias summary 
FxWirePro- Woodies Pivot(Major) 
FxWirePro: EUR/CAD gives back chunk of early gains, eyes another drop 
Bitcoin Yawns at Fed Cut – Coiled Tight at $92K: $90K Hold = Straight Shot to $100K 
FxWirePro: USD/CAD outlook weaker on renewed downside pressure 
FxWirePro- Major Pair levels and bias summary 
FxWirePro: EUR/NZD shows upside momentum, but bearish outlook remains 
NZDJPY Poised to Pop: Buy-the-Dip Setup Above Key 90 Support 
FxWirePro: GBP/AUD gives up early gains after UK GDP shock 
FxWirePro: AUD/USD hovers near three –month high, scope for further upside 
GBP/USD chart - Trading View
| Time (GMT) | Event | Actuals | Consensus | Previous |
| 0830 | UK Markit Construction PMI (July) | 58.7 | 64 | 66.3 |
UK IHS Markit/CIPS construction PMI fell to 58.7 in July from 66.3 in June, missing consensus at 64.
About UK Construction PMI
In the United Kingdom, the Markit / Chartered Institute of Purchasing and Supply (CIPS) Construction Purchasing Managers (PMI) Index measures the performance of the construction sector and is derived from a survey of 170 construction companies.
The data is an indication of business conditions and overall economic performance in the nation. Any reading above 50 indicates expansion in the construction industry, signals upside (or is bullish) for the GBP; a reading below 50 indicates contraction and is seen as negative (or bearish) for the GBP.
The data majorly gives an indication about the health of the construction section in the UK and can be seen as a leading indicator of overall economic performance. It is worth noting that the construction sector does not influence, either positively or negatively, the GDP as much as the Manufacturing sector does.
GBP/USD Spot Analysis
GBP/USD was trading at 1.3916 before the data was released and edges slightly lower after the data miss. Price action was capped between major moving averages. Breakout will provide clear directional bias.
Main focus is on Bank of England monetary policy meet due later today. The pair may find support amid a short-covering squeeze if the MPC remains split on QE.
