Forex: GBP/USD peaks at 1.5241 on US session

FXstreet.com (Barcelona) - Biased to the biased today and finding support at 1.5180 area, the GBP/USD had a strong push higher after the release of US data. The March Manufacturing PMI by ISM fell from 54.2 to 51.3, much lower than the market consensus of 54.1. ISM Prices Paid fell from 61.5 to 54.5, also below expectations (59.8). The US construction spending beat consensus at 1.0% by rising 1.2% in February. In January, data had dropped by -2.1%. US March manufacturing PMI by Markit rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9.

The GBP/USD has peaked at 1.5241 high and is currently trading steady around 1.5230. The pair is getting closer to March highs at 1.5260.

“We think today the price may continue this correction to reach the level of 1.5080 (at least) and then, after completing it, start forming a new ascending towards a predicted target at 1.5400”, wrote Roboforex.com analyst Igor Sayadov. “This ascending movement to break the maximums of the first wave, which may be followed by a consolidation, will define more exact point, where the third ascending wave may be completed”, he continued.