GBP/USD attempts a rebound to 1.2440 post-PMI

The British Pound has picked up some pace following the release of the UK’s Construction PMI, pushing GBP/USD to the 1.2440/50 band.

GBP/USD finds some bids despite poor PMI

The pair seems to have found some dip-buyers in the area of daily lows near 1.2430 despite UK’s Construction PMI has come in below expectations at 52.2 for the month of March.

The upbeat sentiment surrounding the buck continues to weigh on the risk-associated space, forcing Cable to give away around two cents since last Monday’s tops near 1.2620.

GBP/USD levels to consider

As of writing the pair is losing 0.42% at 1.2434 and a breakdown of 1.2381 (20-day sma) would expose 1.2375 (low Mar.29) and then 1.2362 (50% Fibo of the March up move). On the flip side, the next hurdle lines up at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) ahead of 1.2562 (high Mar.31) and finally 1.2618 (high Mar.27).