2 May 2014
GBP/USD hits daily lows on UK construction PMI
FXStreet (Córdoba) - The GBP/USD dove to fresh daily lows immediately after the release of the UK construction PMI, which fell to a 6-month low in April.
UK construction PMI fell to 60.8 versus 62.0 expected, marking its lowest level since October. The GBP/USD was dragged lower by data and hit a low of 1.6872 before quickly bouncing back to pre-data levels around 1.6885 as investors remain unwilling to make major moves ahead of the US nonfarm payrolls.
From a wider view, the Cable is in consolidation after hitting a fresh multi-year high of 1.6917 Thursday, underpinned by data improve in the United Kingdom.
GBP/USD technical levels
In terms of technical levels, the GBP/USD could find next resistance levels at 1.6900 (psychological level). 1.6917 (May 1 high) and 1.6964 (100-month SMA). On the flip side, supports are seen at 1.6870 (May 1 low), 1.6828 (10-day SMA) and 1.6805 (Apr 29 low).
UK construction PMI fell to 60.8 versus 62.0 expected, marking its lowest level since October. The GBP/USD was dragged lower by data and hit a low of 1.6872 before quickly bouncing back to pre-data levels around 1.6885 as investors remain unwilling to make major moves ahead of the US nonfarm payrolls.
From a wider view, the Cable is in consolidation after hitting a fresh multi-year high of 1.6917 Thursday, underpinned by data improve in the United Kingdom.
GBP/USD technical levels
In terms of technical levels, the GBP/USD could find next resistance levels at 1.6900 (psychological level). 1.6917 (May 1 high) and 1.6964 (100-month SMA). On the flip side, supports are seen at 1.6870 (May 1 low), 1.6828 (10-day SMA) and 1.6805 (Apr 29 low).