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2 Apr 2015

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.

Apr 2, 2015

US NFP forecast at 220k, to support dovish sentiments – TDS

Jacqui Douglas, Chief European Macro Strategist at TD Securities, anticipate the US NFP to slowdown and print a lower than consensus figure at 220k.

EUR/USD could climb above 1.10 near-term – Westpac

Strategist Richard Franulovich at Westpac does not rule out the pair breaking the 1.10 barrier in the near term...