Back
2 Apr 2015
GBP/USD drops below 1.48
FXStreet (Mumbai) - The GBP/USD extended the decline to trade below 1.48 levels, after the early gains were turned into losses on a weaker-than-expected construction PMI data.
GBP: Déjà vu
The pair is mimicking the moves witnessed in the previous session – a rise to 1.4870 in the early European session followed by a break below 1.48 and extension of losses to 1.4750 levels. A similar move was seen today, as the pair failed near 1.4870 levels and declined to trade at the current level of 1.4780.
Part of the decline today, could be attributed to the weaker-than-expected UK construction PMI data released earlier today. Focus now shifts to the weekly jobless claims, trade balance and factory orders data in the US.
GBP/USD Technical Levels
The immediate support is seen at 1.4749, under which losses could be extended to 1.47 levels. On the flip side, a rise above 1.48 could see the pair re-test 1.4850 levels.
GBP: Déjà vu
The pair is mimicking the moves witnessed in the previous session – a rise to 1.4870 in the early European session followed by a break below 1.48 and extension of losses to 1.4750 levels. A similar move was seen today, as the pair failed near 1.4870 levels and declined to trade at the current level of 1.4780.
Part of the decline today, could be attributed to the weaker-than-expected UK construction PMI data released earlier today. Focus now shifts to the weekly jobless claims, trade balance and factory orders data in the US.
GBP/USD Technical Levels
The immediate support is seen at 1.4749, under which losses could be extended to 1.47 levels. On the flip side, a rise above 1.48 could see the pair re-test 1.4850 levels.