For the 24 hours to 23:00 GMT, the GBP rose 0.15% against the USD and closed at 1.4085.
Macroeconomic data indicated that Britain’s Markit construction PMI declined more-than-estimated to a level of 47.0 in March, dragged by severe weather disruptions and slipping into the contraction territory for the first time in 6 months, thus indicating that construction sector would likely act as a drag on the nation’s economic growth. Market participants had envisaged the PMI to ease to a level of 51.0, after recording a reading of 51.4 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4076, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.4028, and a fall through could take it to the next support level of 1.3981. The pair is expected to find its first resistance at 1.411, and a rise through could take it to the next resistance level of 1.4145.
Moving ahead, investors would closely monitor UK’s Markit services PMI for March, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
