Overall, GBP/USD is trending downwards. Recently, GBP/USD moved higher after the U.S. Federal Open Market Committee announced an emergency interest rate cut of 0.50%, causing a weakness in USD.
The U.K. Construction PMI data (Actual: 52.6, Forecast: 49.0, Previous: 48.4) released yesterday was better than forecasted and that the construction sector was in expansion in February.
The U.K. Final Services PMI data (Forecast: 53.2, Previous: 53.3) will be released later at 1730 (SGT).
GBP/USD’s next support level is at 1.27700 and the next resistance level is at 1.28700.
Stay out of GBP/USD for now.
The U.K. Construction PMI data (Actual: 52.6, Forecast: 49.0, Previous: 48.4) released yesterday was better than forecasted and that the construction sector was in expansion in February.
The U.K. Final Services PMI data (Forecast: 53.2, Previous: 53.3) will be released later at 1730 (SGT).
GBP/USD’s next support level is at 1.27700 and the next resistance level is at 1.28700.
Stay out of GBP/USD for now.