The pound is losing ground. Activity in the construction sector in Great Britain

The British pound is declining against the US dollar during the European session. This decline in the GBP/USD pair is due to the partial fixation of profits by investors and the correction of the positions of the US currency in anticipation of the publication of data on employment and unemployment in the US. See “Market Focus“.

In addition, the pressure on the British is exerted by a decline in the index of business activity in the construction sector in January to around 50.2, while analysts had expected growth to the level of 52.6. The real estate sector is one of the most important sectors of the economy, and a slowdown in its development will also have a negative impact on economic growth.

Technical analysis: The GBP/USD pair maintains an upside potential in the short term, at the moment the nearest support levels are 1.4160. 1.4110. The resistance levels are 1.4276, 1.4340.

Fig. GBP/USD. The current price is $ 1.4213.

Alexander Sivtsov