ADS Securities' analysts eye a Bearish GBPUSD below 1.2465, as UK traders are awaiting for the UK Construction PMI to be released at 8 30 AM.
4 April, ADS Securities – The Pound weakened against the US Dollar in the prior session as growth in the UK’s manufacturing sector unexpectedly shrank in March for the third straight month.
Bearish GBPUSD below 1.2465
As of now, the pair is trading with a weak showing on the 1H chart, as traders await UK’s construction PMI data to be released later in the day. Additionally, a signal line crossover from above by the MACD indicator, further affirms the above view. Key support is situated at the 1.2465 level, a breach below which might lead to further negativity in the pair, targeting the next supports at the 1.2455 and 1.2440 levels.
On the contrary, the key technical barrier is located at the 1.2485 level, followed by the 1.2490 where EMA 55 is trading and 1.2510 levels. A move back above the latter might trigger bullish momentum in the pair.
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