The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9845 level and was capped around the $1.9975 level. Technically, the pair tested bids below the $1.9865 level, representing the 23.6% retracement of the move from $1.9405 to $2.0005. Data released in the U.K. today saw June construction PMI fall to 38.8 from 43.9 in May, evidence the sector has declined at its fastest pace since at least 1997. Other data saw Bank of England’s measure of house equity withdrawal fall to its lowest level since Q1 2001 at ₤5.0 billion. Cable bids are cited around the US$ 1.9360/ 1.9100 levels. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7970 level and was supported around the ₤0.7915 level.
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