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GBPUSD : Still Looking Bullish

Pound today strengthened against US dollar trimming its losses from previous sessions. GBP went higher after Markit reported the U.K. construction PMI. 

According to the report U.K. construction sector continue to expand at a rapid pace in March whereas confidence about 12 month outlook hits highest level since January 2007. Seasonally adjusted U.K. construction PMI was 62.5 in March little changed from the reading of 62.6 in the previous month which economists were expecting to rise to 63. 

Housing sector was the best performing construction category. Although new business growth slipped to a six month low, construction firms remain highly optimistic about the future prospects.

On the hourly chart of GBPUSD, the pair rose after the release of the data. 100 day SMA seems to be acting as a support for the pair showing that the bullish trend still exists. Also there is an upward channel trend within which the pair is trading.