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GBP/USD surrendering gains ahead of UK construction PMI

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/USD pair is struggling to hold on to gains ahead of the data release in the UK, which could show the construction activity remained in expansion territory in February.

    Rejected at 1.3987

    The spot turned lower from the session high of 1.3987 to trade largely unchanged on the day around 1.3950. The move lacked any fresh fundamental trigger. Moreover, the stock markets across Europe have opened on a positive note as well, despite which the spot surrendered gains.

    The immediate focus now is on the UK construction PMI release, which will be followed by ADP monthly jobs release across the pond later today.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4014 (sideways channel resistance), which will be followed by hourly 200-MA hurdle at 1.4022. 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 pair test bids around 7-year low of 1.3835.
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