GBP dropped against the dollar after an industry survey showed U.K. consumer Confidence fell in April to the lowest in at least four years and PM services fall to 50.4 from the previous 52.1 adding to concerns in UK growth. An interesting data day is scheduled for the pound, with production data taking center stage
TECH VIEW:
Pound chart pattern indicates the currency to be on bear note for the day and is expected to trade in the range of 1.9620-1.9760.With good support seen at 1.9600 and key resistance is seen at 1.9780 .Relative strength index and stochastic are giving clues for the a small downside correction .sterling is seen trading below the fast and slow moving average supporting the downtrend.
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