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Forex: GBP/USD dips to fresh lows after UK PMI

The sterling dropped to the area around 1.5000/10 after the Construction PMI in the UK fell to 46.8 during February, missing the median at 49.0 and January’s 48.7

The poor result is accelerating the downside, threatening to breach the psychological mark at 1.5000

“As a result of the risks of renewed quantitative easing by the BoE, the willingness of the central bank to tolerate above target inflation for several more years now, comments talking down the pound, the weak UK macro economic outlook and the recent downgrade of the UK credit rating, we expect Cable to trade in a lower 1.40-1.50 range over the next few months”, explained M.Mohi-uddin, Director of FX Strategy at UBS.

At the moment, GBP/USD is down 0.22% at 1.5011 and a break below 1.5000 (psychological level) would open the door to 1.4985 (low Mar.1) and finally 1.4949 (low Jul.12 2010).
On the flip side, resistance levels line up at 1.51000 (psychological level) ahead of 1.5180 (MA10d) and then 1.5186 (high Mar.1).

Forex: EUR/USD tumbles on EMU Sentix data

The market is reacting to the disappointing figure in the EMU Sentix Investor Confidence for March, as it fell more than predicted, from -3.9 to -10.6, while consensus was pointing to -5.2. Previously holding up above the 1.3000 mark and quoting close to 1.3020 during European time, a sudden sell-off took over and sent the EUR/USD down to 1.2982 low, for now.
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