The GBP/USD pair trades around Friday's close, stuck below 1.4250 a strong static resistance level, and approaches to the level are attracting selling interest. The UK construction activity posted a modest advance in March according to the latest PMI release, resulting at 54.2, unchanged from February's 10-month low, and unable to affect much the pair's price.
From a technical point of view, the risk is back towards the downside, as the Pound keeps underperforming its major counterparts, and the 4 hours chart for the pair shows that the 20 SMA has turned south well above the current level, while the technical indicators have recovered from oversold readings, but are currently losing upward strength within negative territory, indicating little buying interest around the current levels.
Should the price extend beyond the mentioned 1.4250 region, the pair can recover ground up to the 1.4300 region, but it will take a clear extension beyond 1.4335 to confirm a steadier bullish move towards the 1.4400 figure.
The key support on the other hand, is the 1.4170 level, last Friday's low, with a break below it opening doors for a downward continuation towards the 1.4100/20 price zone.
View the live chart of the GBP/USD
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