GBP/USD hits fresh session lows near 1.3260 on awful UK PMI

The GBP/USD pair fails another attempt to reclaim 1.33 handle and reverts to session lows, following the release of awful UL construction PMI data.

GBP/USD weighed down by weak PMI

Currently, GBP/USD turns negative and hits fresh session lows of 1.3257, sharply reversing a jump to 1.33 handle over the last. The cable ran through fresh offers after the pound was dragged lower by worse-than expected UK construction sector activity, which fell into the contraction territory last month.

The Markit/CIPS Construction PMI index fell to 46.0 in June, down from 51.2 seen in May, hitting the lowest since 2009. Markets had predicted a drop to 50.7 in June.

Moreover, poor risk tone seen on the European stocks also added to the renewed weakness in the GBP/USD pair. Meanwhile, markets will continue to digest the UK PMI release amid low volumes and limited volatile as the US markets remain closed today in observance of Independence Day.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.3313 (5-DMA), above which 1.3350 (psychological levels) would be tested. On the flip side, support is seen at 1.3247 (Daily low) below that at 1.3202 (Jun 30 low).