Sasha Singh
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GBPUSD : Seems to Have Limited Downside

GBP extending its losses against US dollar after the U.K. manufacturing data came out to be weak. Markit reported that the U.K. manufacturing PMI fell to an eight month low of 55.3 last month from the reading of 56.2 in February missing the economist’s expectation for an increase to 56.7. The data showed that the pace of recovery in the U.K. manufacturing sector slowed unexpectedly in March. However senior economists at Markit Rob Dobson said that the recovery still remains solid and continues to create jobs in the market.

The losses in the pair seems limited and short term to me and the pair may find the support at 1.6611 which was previously acting as a support for the pair and rise. On the stochastic oscillator the signal trend line just crossed the average trend line signaling an upward movement of the pair.