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GBP/USD strengthened for third straight session, eyes UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD traded on a front foot for the third straight session in Asia after bouncing off the hourly 50-MA support in the NY session.

    Focus on construction PMI

    The immediate focus is now on the UK construction PMI report, which is likely to show the pace of expansion in the sector remained unchanged in February. The report comes a day after the manufacturing PMI printed at 34-month low.

    The construction PMI report would be followed by BOE’s Broadbent speech. Later in the day, the US ADP report could influence the demand for the US dollars.

    GBP/USD Technical Levels

    The spot currently trades near 1.3980. The immediate hurdle is seen at 1.4014 (sideways channel resistance), which will be followed by hourly 200-MA hurdle at 1.4000. A break higher would expose 1.4079 (Jan 21 low). On the lower side, hourly 100-MA at 1.3930 could offer support, which if taken out shall open doors for a slide to 1.3878 (Feb 28 low). A break lower could see prices test bids around 7-year low of 1.3835.
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