4 Mar 2014
GBP/USD dips after UK construction PMI
FXStreet (Córdoba) - The GBP/USD came under mild pressure and pulled back from daily highs after UK construction PMI fell more than expected in February.
The GBP/USD had reached a high of 1.6716 during the European session amid better risk sentiment given the apparent calm in Ukraine but was hit by disappointing data. The UK construction PMI fell to 62.6 in February from 64.4 in January and missing expectations of 63.0. The Cable slipped back below the 1.6700 mark and it is currently trading around 1.6670, little changed since opening.
GBP/USD technical outlook
"The bias here is positive after today's low at 1.6637, with an initial support at 1.6670, heading for a test of 1.6767, en route to 1.6821 high", said Stoyan Mihaylov, analyst at DeltaStock.com.
The GBP/USD had reached a high of 1.6716 during the European session amid better risk sentiment given the apparent calm in Ukraine but was hit by disappointing data. The UK construction PMI fell to 62.6 in February from 64.4 in January and missing expectations of 63.0. The Cable slipped back below the 1.6700 mark and it is currently trading around 1.6670, little changed since opening.
GBP/USD technical outlook
"The bias here is positive after today's low at 1.6637, with an initial support at 1.6670, heading for a test of 1.6767, en route to 1.6821 high", said Stoyan Mihaylov, analyst at DeltaStock.com.