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2 Apr 2015
GBP/USD erases gains after UK construction PMI disappoints
FXStreet (Mumbai) - A weaker-than-expected UK construction PMI pushed the GBP/USD back to its opening rate of 1.4832 from the pre-data level of 1.4850.
Back below key Fibo level
The pair now trades well below the 23.6% Fib retracement of 1.5550-1.4633 located at 1.4849. The Pound came under pressure after the UK construction PMI for March came-in at 57.8, compared to the expectation of 59.8. The index stood at 60.1 in February.
The cable clocked a high of 1.4866 earlier today, after which it had pared gains to trade at 1.4850 ahead of the construction PMI data.
GBP/USD Technical Levels
The immediate support is seen at 1.4819, under which losses could be extended to 1.4749. On the flip side, resistance is seen at 1.4849 and 1.49 levels.
Back below key Fibo level
The pair now trades well below the 23.6% Fib retracement of 1.5550-1.4633 located at 1.4849. The Pound came under pressure after the UK construction PMI for March came-in at 57.8, compared to the expectation of 59.8. The index stood at 60.1 in February.
The cable clocked a high of 1.4866 earlier today, after which it had pared gains to trade at 1.4850 ahead of the construction PMI data.
GBP/USD Technical Levels
The immediate support is seen at 1.4819, under which losses could be extended to 1.4749. On the flip side, resistance is seen at 1.4849 and 1.49 levels.