GBP/USD around 1.4080 post-PMI

• Cable posts moderate gains in the 1.4080 region.
• The pair’s upside faltered just ahead of the 1.4100 handle.
• UK Construction PMI came in below 47.0 in March.

The Sterling is trading on a positive note on Wednesday and is helping GBP/USD to advance closer to the critical 1.4100 the figure.

GBP/USD bid on USD-selling

Cable has faded the initial spike to the 1.4100 neighbourhood although lost some upside momentum afterwards and is now navigating the 1.4080 zone.

GBP has practically ignored the poor performance of UK’s Construction PMI, coming in below estimates and lower than the previous reading at 47.0 for the month of March.

In the meantime, spot is up for the third session in a row and challenging at the same time the key 10-day sma in the 1.4080/85 band, considered the last defence of a test of last week’s peaks in the 1.4240 area.

GBP/USD levels to consider

As of writing, the pair is gaining 0.17% at 1.4081 facing the next hurdle at 1.4092 (10-day sma) seconded by 1.4246 (high Mar.26) and finally 1.4280 (high Feb.2). On the flip side, a break below 1.4017 (21-day sma) would aim for 1.4009 (low Mar.30) and then 1.4006 (21-day sma) and then 1.3886 (low Mar.16).