The pound sterling failed to exceed 1.59 area and had today a negative impact of the construction PMI index which was below 49 points.
This pair will continue demonstrating a strong upward trend, given that it is above the 200 day moving average. It is likely that many currencies are now closing their positions waiting for the meeting of the ECB. The daily close above 1.5900 will initiate an upward sequence until 1.61.
Furthermore, the pair is possible to demonstrate a pullback to 1.59 and then will fail to exceed it. In this case we recommend selling to strong support level 1.5780.
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