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1 Apr 2015
GBP/USD erases gains, trades below 1.4850
FXStreet (Mumbai) - The USD made a comeback in the early European session, thereby pushing the GBP/USD pair below 1.4850 levels.
Focus on UK PMI
The pair trades at 1.4828 levels ahead of the final UK manufacturing PMI report, which is expected to show the index ticked up to 54.4 from the previous figure of 54.1. A better-than-expected data could temporarily shift focus from the election uncertainty and lead to strength in the Pound. However, a weak data could weigh heavily on the pair.
At the moment, the pair has dipped below 1.4849 (23.6% Fib of 1.5550-1.4633) and hovers near 1.4819 (61.8% Fib of 1.4633-1.5122).
GBP/USD Technical Levels
The immediate support is seen at 1.4819, under which losses could be extended to 1.4749. On the flip side, a break above 1.4850 could drive the pair higher to 1.4880 levels.
Focus on UK PMI
The pair trades at 1.4828 levels ahead of the final UK manufacturing PMI report, which is expected to show the index ticked up to 54.4 from the previous figure of 54.1. A better-than-expected data could temporarily shift focus from the election uncertainty and lead to strength in the Pound. However, a weak data could weigh heavily on the pair.
At the moment, the pair has dipped below 1.4849 (23.6% Fib of 1.5550-1.4633) and hovers near 1.4819 (61.8% Fib of 1.4633-1.5122).
GBP/USD Technical Levels
The immediate support is seen at 1.4819, under which losses could be extended to 1.4749. On the flip side, a break above 1.4850 could drive the pair higher to 1.4880 levels.