GBP/USD: Britain’s construction PMI climbed in March


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP rose 0.40% against the USD and closed at 1.3129, after Prime Minister Theresa May stated that she would ask the EU for an extension to the Brexit deadline.

On the data front, UK’s construction PMI rose to a level of 49.7 in March, compared to a level of 49.5 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3141, with the GBP trading 0.09% higher against the USD from yesterday’s close.

Overnight data showed that the BRC shop price index advanced 0.9% on an annual basis in March. In the previous month, the index had recorded a rise of 0.7%.

The pair is expected to find support at 1.3054, and a fall through could take it to the next support level of 1.2966. The pair is expected to find its first resistance at 1.3189, and a rise through could take it to the next resistance level of 1.3236.

Trading trend in the Sterling today, is expected to be determined by UK’s Markit services PMI for March, set to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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