Following the latest Purchasing Managers' Index (PMI) for construction sector, showing slowdown to 57.8 in March, the British pound dropped 50 pips and held slightly above $1.4800. The overall trend remains bearish, mostly due to rate-hike speculation struggle, favouring US dollar as a sooner mover in this case. June's, July's or September's meeting of the Federal Open Market Committee is still widely believed to have rate-hike on the table, while the Bank of England is not favouring a lift-off that soon. Nevertheless, George Soros or Warren Buffett hinted that rate-hike is more likely to come at the beginning of 2016.
From fundamental point of view, we remain bearish, albeit the previous dollar pressure lost its previous strength.
From the technical point of view, we see support level at $1.4756, $1.4720 and further at $1.4638. Resistances for bulls' TPs can be seen at $1.4862, $1.4914 and $1.4973.
