Pound had a volatile day trading higher in line with the Euro shrugging off a poor Construction PMI of 43.9 which indicated a recession in the UK housing sector. Looking ahead for May UK services PMI due with a forecast at 50.4.
TECH VIEW:
Pound is expected to be downside for the day. the trading range is expected between 1.9570-1.9670.the currency lends its support at 1.9560 levels and holds resistance at 1.9675 levels for the day. MACD signals for downward correction. stochastic trending downwards supporting the view of bear note. momentum and RSI remains in neutral territory thereby waiting for further currency movement.
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