GBPUSD (1.4078): The British pound extended modest gains on the day on Wednesday. The gains came despite the fact that the construction PMI fell into contraction in March. Price action remains well below the upside target at 1.4116 where resistance is most likely to be established. To the downside, the support level at 1.4065 could be tested in the near term. A close below this level could however put the upside bias in question with the possibility that the declines could extend toward 1.4000 handle.
