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> GBP/USD unchanged below 1.2300 post-PMI
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GBP/USD unchanged below 1.2300 post-PMI

AG Markets

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The bearish stance around the British Pound remains well and sound today, with GBP/USD extending the consolidative range below 1.2300 the figure.

GBP/USD offered post-PMI

Cable kept the composure after UK’s Construction PMI measured by Markit came in a tad above estimates at 52.5 for the month of February vs. 52.0 initially forecasted and January’s 52.2.

Spot stays well in the red territory today, losing ground for the fifth session in a row and navigating fresh 6-week lows for the time being.

GBP/USD levels to consider

As of writing the pair is losing 0.11% at 1.2280 and a break below 1.2262 (low Mar.2) would aim for 1.2250 (low Jan.19) and finally 1.2036 (low Jan.11). On the flip side, the initial up barrier aligns at 1.2301 (high Mar.2) followed by 1.2395 (55-day sma) and then 1.2410 (100-day sma).

AG Markets Review

Source: https://www.ag-markets.com/news/
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