GBP/USD off highs, around 1.4225, US data eyed

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 GBP/USD pair faded a spike to 1.4240 levels and reverted to the familiar range around 1.4225 region as markets continue to digest the UK construction PMI report.

    GBP/USD capped below 10-DMA

    The GBP/USD pair trades modestly flat at 1.4228, unable to sustain at higher levels. The cable remains supported somewhat in the mid-European trades, as the selling pressure around the EUR/GBP cross continues to underpin the GBP.

    While the upside seems capped as markets continue assess the unchanged UK construction PMI report heading into the services PMI report due tomorrow. The UK construction PMI stayed unchanged at 54.2 in March, and came in slightly above the market estimate of 54.1.

    Attention now remains on the US factory and labour market data due later in the NY session for fresh impetus on the pair.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4250/46 (round number/ 10-DMA), above which 1.4300 psychological levels) would be tested. On the flip side, support is seen at 1.4171 (Apr1 Low) below that at 1.4100 (key support).
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