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3 Mar 2015
GBP/USD unperturbed by impressive UK data
FXStreet (Mumbai) - GBP/USD turned back in green and steadied in the European session, after solid construction PMI reading from the UK indicated that the construction sector continued to hold its momentum in February.
GBP/USD rises from 1.5364 post data
The GBP/USD pair trades modestly flat at 1.5371 levels, retreating from day’s high previously posted at 1.5398. The cable remained little affected by the above estimates UK construction PMI data which revealed that construction sector improved above estimates in February as Markit's PMI headline measure rose to a four-month high.
Activity in the sector, remained firmly above the contraction line for the 22nd consecutive month in February, with the Markit/CIPS headline PMI rising more than expected to 60.1, up from last month's 59.1.
However, the recovery in the US dollar across the board kept a lid on the upside in GBP/USD. Meanwhile, traders now await Bank of England (BoE) Governor Mark Carney testimony, where he will face questions from the UK parliamentary Treasury Committee later in the session, for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5445 (100-DMA) levels. On the flip side, support is seen at 1.5350 below which it could extend losses to 1.5329 levels.
GBP/USD rises from 1.5364 post data
The GBP/USD pair trades modestly flat at 1.5371 levels, retreating from day’s high previously posted at 1.5398. The cable remained little affected by the above estimates UK construction PMI data which revealed that construction sector improved above estimates in February as Markit's PMI headline measure rose to a four-month high.
Activity in the sector, remained firmly above the contraction line for the 22nd consecutive month in February, with the Markit/CIPS headline PMI rising more than expected to 60.1, up from last month's 59.1.
However, the recovery in the US dollar across the board kept a lid on the upside in GBP/USD. Meanwhile, traders now await Bank of England (BoE) Governor Mark Carney testimony, where he will face questions from the UK parliamentary Treasury Committee later in the session, for further momentum on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5445 (100-DMA) levels. On the flip side, support is seen at 1.5350 below which it could extend losses to 1.5329 levels.