4 Feb 2014
GBP/USD jumps after strong construction PMI
FXStreet (Córdoba) - The GBP/USD jumped to fresh daily highs after a surprisingly strong construction PMI reading in the United Kingdom.
The UK construction PMI rose to a 6 ½-year high of 64.6 in January from 62.1 the previous month and beating expectations of 61.5. The GBP/USD gathered momentum after data, climbing back above 1.6300 to a high of 1.6341. At time of writing, the Cable is trading at the 1.6320 zone, recording a 0.1% gain, having bounced off a 7-week low of 1.6256 earlier on the day.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could face immediate resistances at 1.6341 (Feb 4 high), 1.6370 (50-hour SMA) and 1.6400 (psychological level). On the other hand, supports are seen at 1.6256 (Feb 4 low), 1.6238 (100-day SMA) and 1.6200 (psychological level).
The UK construction PMI rose to a 6 ½-year high of 64.6 in January from 62.1 the previous month and beating expectations of 61.5. The GBP/USD gathered momentum after data, climbing back above 1.6300 to a high of 1.6341. At time of writing, the Cable is trading at the 1.6320 zone, recording a 0.1% gain, having bounced off a 7-week low of 1.6256 earlier on the day.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could face immediate resistances at 1.6341 (Feb 4 high), 1.6370 (50-hour SMA) and 1.6400 (psychological level). On the other hand, supports are seen at 1.6256 (Feb 4 low), 1.6238 (100-day SMA) and 1.6200 (psychological level).