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GBP/USD erases gains after UK construction PMI disappoints

FXStreet (Mumbai) - A weaker-than-expected UK construction PMI pushed the GBP/USD back to its opening rate of 1.4832 from the pre-data level of 1.4850.

Back below key Fibo level

The pair now trades well below the 23.6% Fib retracement of 1.5550-1.4633 located at 1.4849. The Pound came under pressure after the UK construction PMI for March came-in at 57.8, compared to the expectation of 59.8. The index stood at 60.1 in February.

The cable clocked a high of 1.4866 earlier today, after which it had pared gains to trade at 1.4850 ahead of the construction PMI data.

GBP/USD Technical Levels

The immediate support is seen at 1.4819, under which losses could be extended to 1.4749. On the flip side, resistance is seen at 1.4849 and 1.49 levels.

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