FXStreet (Edinburgh) - The British pound remains on the defensive today, dragging GBP/USD to the 1.4695/90 band so far. GBP/USD muted post-PMI The pair is extending its negative performance on Tuesday, retreating for the second session in a row and returning to sub-1.4700 levels in spite of the better-than-expected Construction PMI in the UK economy, coming in at 57.8 in December vs.56.0 expected and up from November’s 55.3. The risk appetite trends will remain the most important drivers for the pair’s price action ahead in the day, as the US calendar will only include second-tier data. GBP/USD important levels The pair is now retreating 0.25% at 1.4687 and a breach of 1.4632 (low Mar.18) would open the door to 1.4563 (low Apr.13) and then 1.4500 (psychological level). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5000 (psychological level) and finally 1.5089 (55-day sma). For more information, read our latest forex news.