© Dukascopy Bank SA
"The latest construction PMI figures are yet another indication that the UK economy has performed impressively over the summer months. A steep upturn in civil engineering activity suggested that public sector demand has joined residential building as a key driver of construction output growth during August."
- Markit (based on Reuters)
Pair's Outlook
Despite the setback at weekly R1 pair managed to finish yesterday's session with gains. Although pair is mildly bullish today we should take in to the consideration the fact that the pair double tested weekly R1 already and failed both times. In addition to this medium term Stochastic and long term technicals on aggregate indicate increasing pressure on the pair. Another fail at weekly R1 could provoke losses to 1.544.
Traders' Sentiment
Bears took the control in to their hands once again. At the moment they hold 71% of all outstanding positions. That is a 11% increase since yesterday and 4% increase since Monday. Most of this increase seems to be coming from triggering of pending orders as 63% of them, 3% less than yesterday, are set to go short on the pair.
© Dukascopy Bank SA