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GBP/USD muted post-PMI, near 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The sterling is alternating gains with losses vs. the greenback today, with GBP/USD navigating the low-1.4200s following UK’s Construction PMI.

    GBP/USD downside limited near 1.4200

    The pair has kept the composure after UK’s Construction PMI has come in above expectations at 54.2 for the month of March, vs. 54.0 forecasted and February’s 54.2.

    In the meantime, spot is looking to consolidate the recent drop to multi-day lows in sub-1.4200 levels seen last Friday, fading the spike to recent highs in the mid-1.4400s on renewed ‘Brexit’ jitters.

    GBP/USD levels to consider

    As of writing the pair is losing 0.12% at 1.4207 and a breakdown of 1.4173 (50% Fibo of 1.3833-1.4517) would aim for 1.4051 (low Mar.16) and then 1.4000 (psychological level). On the other hand, the next hurdle lines up at 1.4459 (high Mar.20) ahead of 1.4517 (high Mar.18) and finally 1.4544 (100-day sma).
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